$2 M Pre-seed funding raised by Nigerian blockchain payments startup Bitmama
Bitmama, blockchain payments firm in Nigeria, has completed a $2 million pre-seed investment round that it will utilize to grow its business.
With its 2019 launch, Bitmama now offers customers in Africa a safe blockchain infrastructure via which they may exchange Bitcoin, Ethereum, Celo, and other cryptocurrencies. Changera, its payment system, simultaneously offers cross-border payment and remittance for organizations and people in Africa and throughout the world.
The firm, which is now active in Nigeria, Ghana, and Kenya, closed a pre-seed investment round of US $350,000 in October of last year. As of right now, it has collected the additional US $1.65 million, bringing the round’s total amount of money to US $2 million.
Adaverse and Flori Ventures, who led the previous investment, both participated in the most recent round, which was headed by Unicorn Growth Capital and Launch Africa Ventures. Other recent investors include AngelList Ventures, Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, and numerous angel investors.
The cash will be used by Bitmama to swiftly scale new bitcoin use cases throughout the continent while also growing its operational footprint, strengthening its staff across markets, combining its product offerings, and plotting market penetration across Africa.
“Bitmama has made a number of strides in the past year. We’ve rolled out two products, both of which are fast closing in on 100,000 users across the African market and recording impressive daily active users across our range of product offerings despite the market dynamics,” said Ruth Iselema, founder and CEO of Bitmama.
“We are building Africa’s most user-friendly, innovative blockchain company, and we are glad to have the backing of seasoned investors and partners who have walked similar turfs. We are privileged to learn from their blended experiences across corporate and blockchain business verticals. We’re confident of the results we’ve achieved so far, and we’re set to build the next big solution that the market deserves.”
The partnership between Launch Africa Ventures and Bitmama, according to Janade du Plessis, managing general partner, aims to make it easy and accessible for all Africans to trade and manage cryptocurrencies and digital assets. This will have a significant impact on the amount of trade and transaction activity across Africa.
“This is something that we specifically value in our fund and what Bitmama in particular delivers,” he said.
