Tuesday
February 22
2022

Jambo Secures $7.5 Million in Seed Funding to Build Africa’s web3 ‘Superapp’

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African web3 startup Jambo has raised $7.5 million in a seed funding round that involved notable investors from the crypto space, the company announced on Monday.

The company’s mission to build a web3 “superapp” for Africa drew investors like Delphi Ventures, Coinbase Ventures, Three Arrows Capital, and Alameda Research. Other participants in the seed funding round included Alliance DAO, Tiger Global, DeFiance Capital, Hashed, Polygon Studios, UOB, Signum Capital, BH Digital, and Yield Guild Games, among others.

According to Jambo founder James Zhang, the company aims to lead web3 adoption in Africa. Speaking to The Block, Zhang highlighted mobile phone penetration and crypto adoption as important metrics that position the continent as a viable location for significant investments in web3.

Photo courtesy of Worldspectrum from Pexels.

Source: The Block (link opens in a new window)

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Education, Finance
Tags
cryptocurrency, digital currency, funding, mobile applications, technology