Blockchain payments startup, Bitmama Inc., has raised an additional $1.65 million in pre-seed funding. This brings its total funding for this round to $2 million, having raised $350,000 10 months ago.
The latest round is led by Unicorn Growth Capital and Launch Africa Ventures, with participation from Adaverse and follow-on from Flori Ventures, which led its earlier pre-seed round. New investors in the round include, Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, Angellist Ventures, and angel investors including, CELO founders; Rene Reinsberg, and Marek Olszewski, and Honey Ogundeyi.
The startup says the new pre-seed round will be used to expand its operational presence, strengthen its team across different markets, consolidate its product offerings, and plot market penetration across Africa, while rapidly scaling new use cases for cryptocurrency within the continent. At present, the company’s major products are the Bitmama exchange, which allows users to access virtual assets and explore several cryptocurrency use cases, then Changera, a social payment solution that allows non-crypto-savvy customers to use their money without limits, from anywhere in the world.
Currently in three African markets; Nigeria, Ghana, and Kenya, Bitmama’s users are able to trade several cryptocurrencies, use their debit cards for regular online payments, pay utilities and perform transactions such as staking to hedge against currency devaluation.
Commenting on the round Founder and CEO of Bitmama Inc, Ruth Iselema, said: “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. 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.”
Also speaking on the round, Janade Du Plessis, Managing General Partner at Launch Africa said: “As a prominent Pan-African VC fund, we see our partnership with Bitmama as a way to truly allow all Africans with the ability to trade and manage cryptocurrencies, and digital assets conveniently and universally, creating a significant impact on allowing more people to trade and transact across Africa. This is something that we specifically value in our Fund and what Bitmama in particular delivers.”
We look forward to hearing more from the Bitmama team at Africa Money and DeFi Summit later this month
The Africa Money & DeFi Summit will connect African fintech, payments & crypto leaders, global platforms and thought leaders on the new opportunities in Decentralized Finance (DeFi) in Accra Ghana on September 27th & 28th 2022. An array of keynotes, panels and breakout sessions will deliver key insights and offer opportunities to connect, network and do business across the African fintech and DeFi landscapes. Register today