Blockchain firm Bitmama closes $2 million funding round

Nigerian firm Bitmama has announced that it has completed pre-seed funding, which saw the firm receive about $2 million. According to the update, the figure first stood at close to $1.6 million after the extension before moving to the $2 million figure at the end of the funding round. In the statement, the funding round was led by two venture firms focused on expanding the reach of crypto in Africa, with Launch Africa being one of them.

The funding round was led by Launch Africa

In the statement from Bitmama, the funding round saw more than $1.5 million enter the confines of the blockchain company. The company then decided to roll over a $350,000 figure raised in 2021 to complete the round figure. TechCrunch reported that the funding round was completed by several firms across the continent, with only the previous firm and Unicorn Growth Capital leading the funding round.

Aside from those two firms, major firms were involved in the funding round, such as Enrich Africa and ODBA. Bitmama also acknowledged that it had angel investors in the person of Honey Ogundeyin and Rene Reinsberg, among others, involved in the funding. In the report, the blockchain firm has planned to use the new funding to increase its working staff and provide new products to users across its platform. Asides from that, the funding will also help the company enable cases for digital assets across the continent.

Bitmama wants to release new and exciting products

In the review of the CEO of the firm Ruth Iselema, the blockchain firm was birthed to avail the majority of African residents of access to cheap crypto services. She mentioned that after a while, the company saw other aspects they could branch in to help push crypto wider across Africa. In the report released by the company, some of the use cases for digital assets in the continent were buying airtime, paying utility bills, and some other bills using a wide range of digital assets on the platform.

The company also floated a foreign card service to help businesses currently affected by the inactivity of foreign exchange in Nigeria. Also, the report quoted the CEO of Bitmama saying that there have plans to unleash new products into the market in the coming months. According to her, these products will be unique as they are battling to become the first to do it across the African market.

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