Nigerian crypto startup Nestcoin raises $6.45m pre-seed funding round

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Nigeria’s Nestcoin, a company building, operating, and investing in web3 applications, has raised US$6.45 million in pre-seed funding to help it expand its global operations and invest in more products to accelerate crypto adoption and financial freedom for people in frontier markets.

Co-founded by Yele Bademosi, previously of Microtraction, Binance and Bundle, alongside Taiwo Orilogbon, Nestcoin aims to democratise access to economic opportunities presented by crypto and web3, making it simple and accessible to everyday people.

Last year, the company launched Breach, its media arm created to advance crypto education globally, and Metaverse Magna (MVM), a crypto gaming guild that helps users earn up to US$1,000 per month. Nestcoin also has several other products in the pipeline, designed to provide compelling use cases for crypto.

The US$6.45 million in funding comes from a global group of investors, including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Social Capital, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, gumi Cryptos Capital, and DeFi Alliance, among others.

“We are excited that our investors are backing this ambitious plan to create a future where billions of people in frontier markets have access to the opportunities that crypto brings. With this financing, we will continue to grow our diverse team, which already spans nine countries, expand our product offerings, and invest in more ventures aligned with our vision” Bademosi said.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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