Jambo, a Congo-based startup building a Web3 user acquisition platform, has raised $30 million in a Series A funding round led by Paradigm, marking the native crypto investing giant’s first investment in Africa. ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, Shima Capital, Morningstar Ventures, and other investors also took part in this round of funding.
The fledgling company plans to invest the funds in increasing its people strength by doubling the size of its workforce across Africa on the ground by the end of the year and achieve other goals. This may allow the company to provide the essential expertise necessary to educate the continent on the possibilities presented by Web3 technology. This raises their prospects in the sector. Additionally, Jambo has expansion ambitions, with the goal of expanding into 15+ other locations by the end of the year in order to have over 200K active community members, trainees, and ambassadors linked with its educational endeavors.
An Innovative Web3 Super App For Africa
As Jambo technology Web3 raised 30M in series A, the business will also work to enhance its services while it recruits engineers to construct a Web3 super app that would enable people in Africa to trade cryptocurrencies, buy and sell NFTs, participate in play-to-earn (P2E) crypto games, and access leading-edge Web3 applications from across the world. Jambo was established in 2021 by Zhang James and Zhang Alice, who are siblings. Its primary objective is to bring the next million or billion Africans onto Web3, depending on how ambitious the company’s goals are.
The company is in the process of developing the Web3 super app, which will provide the continent with education, banking, and entertainment. Jambo’s overarching mission is to become the go-to connection point for apps from all over the world that are looking to break into the African market, as well as to become the largest and most prominent Web3 user acquisition portal on the whole African continent.
According to Jambo co-founder Zhang James: “As blockchain and fintech enthusiasts ourselves, we’re bullish on Web3’s potential to bring prosperity to every corner of Africa, where we see the youthful, educated, and smartphone-savvy population already embracing crypto at a rapid clip — Africa’s crypto market grew 1200% in value in the past year alone. Equipping the continent with the correct tools to better harness this disruptive technology, however, is no simple task.”
Increasing Crypto Acceptance Among African Countries
After Jambo technology Web3 raised 30M in series A, it aims to enhance crypto acceptance among African countries. Motivated by a desire to see a genuine Web3 change take place in Africa, Jambo has announced that it would collaborate with other organizations to establish the AfricaDAO investment fund. The objective of the fund will be to enable and finance new businesses that share Jambo’s vision and goal of having a positive influence on the lives of millions of people in Africa over the course of the next several decades. The investment is a reflection of the growing popularity of cryptocurrencies, NFT, the Metaverse, and Web3 throughout African nations.
According to Casey Caruso, Investment Partner at Paradigm, “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.”