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Blockchain Startup Bitmama Raises $2 Million Pre-Seed Round

After raising $1.65 million in a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now attracted a pre-seed funding round of $2 million.

A Nigeria-based blockchain startup, Bitmama, has recently raised a pre-seed funding round of $2 million after it added $1.65 million to the $350,000 that was raised in October last year. 

According to a report, the funding round was led by two Africa-focused venture capital (VC) firms: Unicorn Growth Capital and Launch Africa.

The report further stated that the blockchain startup will use the funds raised to bolster its team and integrate its product offerings. The funds will further be used to help Bitmama scale up use cases for cryptocurrency on the African continent.

Also participating in the fundraising were existing and new investors such as Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel investors that participated in the round include Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.

In remarks following the announcement, Ruth Iselema, a founder and the Chief Executive Officer at Bitmama, said:

“We started Bitmama to make it easy for anyone across the African continent to buy and sell cryptocurrency. But as time passed, we saw a couple of use cases we could employ this technology to solve.”

The report also pointed out that some of the cryptocurrency use cases identified by Bitamama include the purchase of airtime or paying for utilities 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.

Additionally, Iselema suggested that Bitmama is planning to introduce a couple of innovative products which will be the first in the market.