A crypto-to-fiat exchange platform that allows traders to buy and sell Bitcoin, Ethereum, Celo, and other digital assets, Bitmama, recently raised $2 million in pre-seed funding.
The latest round was led by Unicorn Growth Capital and Launch Africa Ventures, with participation from Adaverse and follow-up from Flori Ventures, which led its first pre-seed round.
New investors in the round include Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, Angellist Ventures and angel investors including the founders of CELO; René Reinsberg, Marek Olszewski and Honey Ogundeyi.
Currently in three African markets; In Nigeria, Ghana, and Kenya, Bitmama users can trade multiple cryptocurrencies and can also use their debit cards for regular online payments, paying utility bills, and performing transactions such as staking for hedge against currency devaluation.
Since its inception, Bitmama has always had the dream of making crypto understood and enjoyed beyond trading. With that $2 million pre-seed raised, that dream is now a step closer to reality.
This means new markets, bigger goals, and better crypto spending, trading, and living experience for all of its customers.
Commenting on the pre-seed cycle, Bitmama Inc Founder and CEO, Ruth Iselema revealed that the company is committed to creating the most innovative blockchain company in Africa and is pleased to have gained the support of seasoned investors.
See what she said;
“Bitmama has made a number of strides over the past year. We have rolled out two products, which are rapidly approaching 100,000 users in the African market and registering impressive daily active users across our range of product offerings despite market dynamics.
“We are building the most user-friendly and innovative blockchain company in Africa, and we are happy to have the support of seasoned investors and partners who have traveled similar territory.
“We are privileged to learn from their mixed experiences in the enterprise and blockchain verticals. We are confident in the results we have achieved so far and are ready to build the next big solution the market deserves.