Tiger Global and Greycroft Back Nigerian Investment App Bamboo in $15 Million Round
To buy a share in Amazon, you’d have to fork out almost $3,000. It’s a luxury very few can afford and despite the prospects of the trillion-dollar company or returns from its share price, it’ll take some contemplating to pay that full price for those who can afford to.
But with fractional investing, pioneered by Robinhood, access to these securities are democratized and people can own smaller shares in big companies.
There are many Robinhood-esque platforms globally because of a growing need to invest in U.S. stocks in different parts of the world. Bamboo, launched in January 2020, is one such platform in Nigeria. Following two years of significant growth and raising $2.4 million to facilitate it, the investment firm is announcing that it has raised $15 million in a new financing round.
U.S.-based Greycroft and Tiger Global co-led the Series A round (it’s the second Tiger Global-led investment announced this month after Ghanaian fintech Float). Motley Fool Ventures, Saison Capital, Chrysalis Capital and Y Combinator CEO Michael Seibel are some of the other investors in Bamboo’s round, per a statement seen by TechCrunch.