Nigerian company Bitmama announced that it had completed a pre-seed financing, which saw the company receive approximately $2 million. According to the update, the figure initially stood at nearly $1.6 million after the extension before rising to $2 million at the end of the funding round. In the statement, the funding round was led by two venture capital firms focused on expanding the reach of crypto in Africa, Launch Africa being one of them.
The funding round was led by Launch Africa
In the statement from Bitmama, the funding round saw over $1.5 million flow into the blockchain company’s boundaries. The company then decided to roll over a figure of $350,000 raised in 2021 to complete the round figure. TechCrunch reported that the funding round was completed by several companies across the continent, with only the previous company and Unicorn Growth Capital leading the funding round.
Besides these two companies, big companies have been involved in the funding round, such as Enrich Africa and ODBA. Bitmama also acknowledged having angel investors in the person of Honey Ogundeyin and Rene Reinsberg, among others, involved in the funding. In the report, the blockchain company planned to use the new funding to increase its working staff and provide new products to users on its platform. In addition to this, the funding will also help the company activate digital asset cases across the continent.
Bitmama wants to launch exciting new products
In the review of company CEO Ruth Iselema, the blockchain company was established to provide the majority of African residents with access to cheap crypto services. She mentioned that after a while, the company saw other aspects where it could branch out to help expand crypto across Africa. In the report released by the company, some of the use cases for digital assets on the continent were buying airtime, paying utility bills and other bills using a wide range of digital assets. on the platform.
The company has also launched a foreign card service to help businesses currently affected by the inactivity of foreign exchange in Nigeria. Furthermore, the report quotes the CEO of Bitmama saying that there are plans to launch new products in the market in the coming months. According to her, these products will be unique as they fight to become the first to do so in the African market.