Nigerian blockchain startup Bitmama, which raised $1.65 million through a pre-seed extension, has now reportedly closed its pre-seed funding round with $2 million The funding round was led by two Africa-focused venture capital firms. Unicorn Growth Capital and Launch Africa.
Bitmama raises new funding to expand crypto use cases in Africa
Nigeria-based blockchain startup Bitmama recently closed a pre-seed funding round for $2 million, adding $1.65 million to the $350,000 it raised last October, Techcrunch reports. The funding round was led by two Africa-focused venture capital (VC) firms, namely Unicorn Growth Capital and Launch Africa.
as well as by Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures, among other existing and new investors, participated in the financing. Angel investors participating in the round include Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.
According to reports, the blockchain startup plans to use the funds raised to strengthen its team as well as integrate its product offering. The funds will further be used to help Bitmama scale up its cryptocurrency use cases on the African continent.
Trading Crypto with Bitmama
In remarks following the announcement, Ruth Iselema, founder and CEO of Bitmama, said.
We started Bitmama to make it easy for everyone on the African continent to buy and sell cryptocurrency. But over time, we saw several use cases that could be solved by adopting this technology.
According to the report, some of the use cases for cryptocurrency identified by Bitamama include using crypto to buy airtime and pay utility bills. It also stated that to assist small businesses affected by foreign exchange restrictions, the startup used “virtual dollar cards for Nigerians to make international purchases.”
Meanwhile, Iselema is also quoted in the report suggesting that Bitmama plans to introduce “two innovative products.”
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