Nigeria’s Bitmama Raises $2 Million in Preliminary Round


Nigeria’s Bitmama Raises $2 Million in Preliminary Round: Blockchain payments startup Bitmama, raising a total of $2 million in a pre-incorporation round, has raised an additional $1.65 million in funding, with $350,000 pre-raised in October 2021 including investors Unicorn Growth Capital Launching Africa Ventures, Adaverse and Flori Ventures.

Investors from the previous preliminary round along with new investors such as Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, Angellist Ventures and angel investors including CELO founders: Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi , in the new round.

Bitmama said in a joint statement with TechCabal that the new preliminary round will be used to expand the company’s operational presence, strengthen its team across different markets, standardize its product offerings, and penetrate the conspiracy market across Africa. The company also confirmed that with the expansion, it will rapidly scale new use cases for cryptocurrency within the continent.

The company, with its current presence in African countries such as Nigeria, Kenya and Ghana, allows users to trade in multiple currencies, while giving them the opportunity to use their debit cards for regular online payments. Users can also use their debit cards to pay utilities and make transactions like staking to hedge against currency devaluation.

The company’s main products are Bursa Butma and Changera.

Bitmama’s exchange allows users to access virtual assets, while they explore other crypto use cases. Changera on the other hand is a social payment solution that allows users to use their money without limits anywhere in the world.

READ ALSO:   War in Nigeria's Ad Industry As Associations Divide Over Practice Guidelines

Speaking at the funding round, Bitmama Founder and CEO Ruth Iselema confirmed that both Bitmama exchange and Changera are close to 100,000 users across the African market, even though they both have daily active users.

“We are building the most user-friendly and innovative blockchain company in Africa, and we are delighted to have the support of seasoned investors and partners who have walked in the same field. We are fortunate to learn from their mixed experiences across the corporate and blockchain business sectors.”

In the words of co-founder of one of its pre-investment investors, Five35 Ventures, Hema Vallabh:

“Being a leading VC fund focused on women, we at Five35 Ventures look forward to helping Ruth and her dynamic team expand the reach of Bitmama, particularly seeing the growth of Changera, a remittance platform that allows all Africans to transact internationally at significantly cheaper rates than fixed remittance companies in the market.”