Jambo, a Democratic Republic of Congo startup building a web 3 super app for Africa, has announced closing a $30M Series A funding round led by Paradigm, a firm known for backing disruptive crypto and Web3 companies and protocols
Coming less than 3 months since raising a $7.5 million seed round, the series A was Paradigm’s first foray into Africa, a firm that likes to invest early and takes a deeply hands-on approach to help projects reach their full potential.
Speaking about the raise, James Zhang, CEO, Jambo, said:
“Paradigm has been a fierce supporter of the work we’ve done to date and will be a great partner in helping us achieve our ambitious goals for the future.”
– CEO, Jambo
Speaking on Jambo’s unique standing in delivering on the Web3 promise in Africa, Casey Caruso, Investment Partner, Paradigm, said:
“As Paradigm’s first investment in Africa, we couldn’t be more excited to partner with the Jambo team in this next phase of growth. We see massive Web3 potential in Africa and it’s clear that James and Alice are uniquely positioned to build a durable on-ramp for the continent.”
– Investment Partner, Paradigm
Additional participation in the round included:
- ParaFi Capital
- Pantera Capital
- Delphi Ventures
- Kingsway Capital
- Gemini Frontier Fund
According to James, CEO, Jambo, the startup is driving on the ground education through local grassroots networks of ambassadors that cater educational programs to each community.
From that, they have reached some exciting milestones over the last couple of months, including:
- Opening Jambo offices across the continent for on-the-ground operations
- Partnering with thousands of internet cafes and college booths to provide Web3 students access to computers and high speed internet
- Garnering interest from thousands of people in Africa to test and use the Jambo Web3 super app being built
The new funding is going to further their growth, with Zhang laying out the following plans:
- Double the team across Africa by end of 2022 to provide the critical talent required to educate the continent on the potential of Web3 technology
- Expand into 15+ additional cities by the end of 2022 with the goal of having over 200K active community members, students, and ambassadors affiliated with our educational efforts
- Hire the engineers needed to build a Web3 super app that will enable Africans to trade crypto, buy, and sell NFTs, experience play-to-earn crypto games, and access top-notch global web3 applications that the startup is bringing to Africa
Jambo also announced that it will partner with others to launch the AfricaDAO investment fund to empower and invest in startups who share in its vision and mission to positively impact the lives of millions across Africa for decades to come.
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RECOMMENDED READING: How Currency Depreciation is Driving Crypto Adoption Across Africa – A Look at 6 African Currencies
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