Big Crypto Investors Pour Millions Into This African Startup
Democratic Republic of Congo-based crypto startup Jambo has raised $30 million in a Series A funding round with several notable investors.
The six-month-old crypto startup has attracted high-profile investors such as Pantera Capital, Delphi Ventures, Kingsway Capital, and Gemini Frontier Fund, with its latest round being led by Paradigm.
Previously, Jambo attracted major crypto investment firms including Coinbase Ventures, Alameda Research, Tiger Global, and Polygon Studios, among others for raising a $7.5 million funding in its seed round.
Jambo Plans Crypto Super App for Africa
Jambo was started by James and Alice Zhang.. The company plans to build a Web3 super app for Africa, similar to China’s WeChat, creating a hub for Africa’s entire digital economy. The crypto startup has officially announced the completion of the fundraising round on its official Medium account.
In fact, the company has already opened offices in 15 countries across Africa. In partnership with thousands of internet cafes and college booths, the company is offering students access to computers and high-speed internet. Also, offering 10-week courses on Web3.
Moreover, Jambo wants to capitalize on the growing crypto market in Africa to better use the disruptive technology. The decreased trust in governments and the smartphone-savvy population will help Jambo’s mission to onboard millions of African people into Web3.
Casey Caruso, an Investment Partner at Paradigm, said:
“As Paradigm’s first investment in Africa, we couldn’t be more excited to partner with the Jambo team in this next phase of growth. We see massive Web3 potential in Africa. It’s clear that James and Alice are uniquely positioned to build a durable on-ramp for the continent.”
The company plans to use the latest funding to expand into additional African cities, hire engineers for Web super app development, and ambassadors for its Web3 education program.
Launch of the AfricaDAO Investment Fund
Jambo plans to launch the AfricaDAO investment fund in partnership with investors to provide financial support to startups sharing the same passion. Thus, crypto adoption being higher in several African countries, Jambo sees success in the future.
Recently, the Central African Republic became the first country in the continent to adopt Bitcoin as legal tender.
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