Nigerian blockchain payments startup Bitmama closes $2m pre-seed round

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Nigerian blockchain payments startup Bitmama has closed out its US$2 million pre-seed funding round, which it will use to expand its operations.

Launched in 2019, Bitmama provides a secured blockchain infrastructure that allows users across Africa to transact Bitcoin, Ethereum, Celo and other cryptocurrencies. Simultaneously, its payment solution Changera enables cross-border payment and remittance for businesses and individuals in Africa and globally. 

The startup, which currently operates in Nigeria, Ghana and Kenya, closed a US$350,000 pre-seed funding round in October of last year, and has now raised an additional US$1.65 million to bring its total round size to US$2 million. 

The latest round is led by Unicorn Growth Capital and Launch Africa Ventures, with participation from Adaverse and follow-on from Flori Ventures, which led the earlier round. Other new investors include Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa,  AngelList Ventures, and various angel investors.

Bitmama will use the funding to expand its operational presence, strengthen its team across different markets, consolidate its product offerings, and plot market penetration across Africa, while rapidly scaling new use cases for cryptocurrency within the continent. 

“Bitmama has made a number of strides in the past year. We’ve rolled out two products, both of which are fast closing in on 100,000 users across the African market and recording impressive daily active users across our range of product offerings despite the market dynamics,” said Ruth Iselema, founder and CEO of Bitmama.

“We are building Africa’s most user-friendly, innovative blockchain company, and we are glad to have the backing of seasoned investors and partners who have walked similar turfs. We are privileged to learn from their blended experiences across corporate and blockchain business verticals. We’re confident of the results we’ve achieved so far, and we’re set to build the next big solution that the market deserves.”

Janade du Plessis, managing general partner at Launch Africa Ventures, said his firm saw its partnership with Bitmama as a way to allow all Africans with the ability to trade and manage cryptocurrencies, and digital assets conveniently and universally, creating a significant impact on allowing more people to trade and transact across Africa.  

“This is something that we specifically value in our fund and what Bitmama in particular delivers,” he 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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