Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-seed Round CryptoBlog

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After raising $1.65 million through a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now closed its pre-seed funding round at $2 million, according to a report. Leading the funding round were two Africa-focused venture capital firms: Unicorn Growth Capital and Launch Africa.

New Funding to Help Bitmama Grow Crypto Use Cases in Africa

A Nigeria-based blockchain startup, Bitmama, recently closed its pre-seed funding round at $2 million after adding $1.65 million to the $350,000 raised in October last year. According to a report by Techcrunch, the funding round was led by two Africa-focused venture capital (VC) firms, namely Unicorn Growth Capital and Launch Africa.

Also participating in fundraising were existing and new investors such as Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa and Angellist Ventures. Angel investors who participated in the round include Rene Reinsberg, Marek Olszewski and Honey Ogundeyi.

According to the report, the blockchain startup will use the funds raised to strengthen its team as well as integrate its product offerings. The funds will further be used to help Bitmama scale up cryptocurrency use cases on the African continent.

Buy and sell cryptos on Bitmama

In remarks following the announcement, Ruth Iselema, Founder and CEO of Bitmama, said:

We launched Bitmama to make it easy for anyone on the African continent to buy and sell cryptocurrencies. But over time, we’ve seen a few use cases that we could use this technology to solve.

According to the report, some of the use cases for cryptocurrency identified by Bitamama include buying airtime or paying for utilities using crypto. Additionally, to help small businesses affected by currency restrictions, the startup said it has used “virtual dollar cards for Nigerians to make international purchases.”

Meanwhile, Iselema is also quoted in the report suggesting that Bitmama plans to introduce a “couple of innovative products” that will be first to market.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.







Image credits: Shutterstock, Pixabay, Wiki Commons

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