Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round – Africa Bitcoin News

Bitmama (a Nigerian blockchain startup) has raised $1.65million through a preseed extension. The preseed round was closed at $2million, according to a report. Two venture capital firms with Africa focus, Unicorn Growth Capital & Launch Africa were the leaders of this funding round.

Bitmama to Receive New Financial Support in Africa

Bitmama is a Nigerian blockchain startup that recently closed its preseed financing round at $2million. This follows an increase of $1.65 million in funding to $350,000 raised last October. Techcrunch reports that the round was led in part by Unicorn Growth Capital (VC), and Launch Africa (VC).

Existing and new investors, such as Adaverse Ventures and Flori Ventures and Greenhouse Capital and ODBA were also part of the fundraise. Rene Reinsberg (an angel investor), Marek Olszewski and Honey Ogundeyi participated in the round.

The report states that the fund will be used by the startup to strengthen its team and integrate its products. Bitmama plans to use these funds in order to increase the number of cryptocurrency-related uses on the African continent.

Bitmama: Buy and Sell Crypto

Ruth Iselema was Bitmama’s founder and chief executive.

Bitmama was started to help anyone in Africa buy or sell cryptocurrency. As time went by, however, we realized that there were a few use cases for this technology.

The report identifies several cryptocurrency-related use cases, including the purchase and payment of utility services using crypto. Also, to help small businesses affected by foreign exchange restrictions, the startup said it has availed “virtual dollar cards for Nigerians to make international purchases.”

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

Register here for a weekly email update with African news.

Let us know your opinions on the story. Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara was a Zimbabwe award-winning journalist and writer. His work has covered both the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.