Nigerian blockchain payments startup Bitmama raises $2 million in pre-seed round

Bitmama, a blockchain startup that enables users to transact cryptocurrencies like Bitcoin, Ethereum, Celo and others through its platform, has closed its pre-seed round, raising $2 million to expand its operations.

• The fund will be used to expand its operational presence, strengthen its team across different markets, and build on its product offerings, it claims. The fund will also be used to chart its market penetration across Africa and scale new use cases of cryptocurrency on the continent.
• Launched in 2019, Bitmama offers a blockchain infrastructure that enables crypto transactions. Users can sell, buy, receive, and trade cryptocurrencies through its app. It also provides portfolio management and vault protection to users who trade on its platform.
• Its pre-seed round first attracted $350,000 last October, led by Flori Ventures. It has raised an additional $1.65 million to bring the total raised funds for the round to $2 million.
• Growth Capital and Launch Africa Ventures led the latest round, with a follow-on from Flori Ventures and participation from Adaverse, Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, AngelList Ventures, and business angels.
• Currently operating in Nigeria, Ghana, and Kenya, the crypto startup claims it has rolled out two products, with up to 100,000 users on the products across the African markets. The startup provides three products now: Changera, a product to send money around the world; Peer-to-Peer, to make bank transfers with over 100 currencies; Developers, a stack of tools for developers.