Jambo, an African web3 firm, has acquired $7.5 million in new funding to expand its pioneering web3 “superapp” for Africa.
Delphi Ventures, Coinbase Ventures, 3 Arrows Capital, Alameda Research, AllianceDAO, Tiger Global, DeFiance Capital, Hashed, Polygon Studios, UOB, Signum Capital, BH Digital, Yield Guild Games, and other investors participated in the seed round.
Jambo, which was founded in late 2021, claims that their app has the ability to substantially improve Africa’s educational and economic prospects by providing access to and opportunities offered by digital assets. The Jambo app allows users to connect to a safe, multinational, and trustless financial infrastructure, promoting greater financial inclusion across Africa.
The app will first offer games in which users may participate in play-to-earn efforts. From there, Jambo intends to provide decentralized finance services such as currency exchanges and remittances, as well as yield-bearing assets.
The Jambo app is an intuitive and familiar inroad to the prospects inherent in web3. Africans are claimed to be well-versed in smartphones, and crypto usage is growing on the continent, making it an intuitive and familiar inroad to the opportunities contained in web3.
Jambo has already enrolled over 12,000 students from 15 countries to finish a chosen web3 curriculum, both online and offline, since the beginning of this year. It allows students to investigate the possibilities of play-to-earn gaming and DeFi. The programs are available at over 600 physical partner locations as well as colleges.
With almost 60% of Africa’s population under the age of 24 and nearly 50% of university graduates unemployed, Jambo says that connecting them to these educational opportunities might lead to financial prosperity in ways that Africans have never had access to before.
“We have the long-term vision of realizing financial prosperity for billions across the continent and are committed to fostering the next generation of web3 innovators, builders and creators,” James Zhang, co-founder and chief executive officer of Jambo, said in a statement. “Jambo serves as the gateway to web3, but it is so much more than that. By aggregating these critical services in one ‘superapp,’ we aim to change the lives of billions.”