Jambo, a Congo-based startup building a user acquisition platform for Web 3, has closed a $30 million Series A funding round led by Paradigm, marking the crypto-native investing giant's first investment in Africa.
- "We founded Jambo last year with the mission of connecting the next million (and potentially one billion) African people to Web3," James Zhang, CEO and co-founder of Jambo (along with his sister Alice), wrote in a blog post about the announcement. "As blockchain and fintech enthusiasts, we are convinced of Web3's potential to bring wealth to every corner of Africa, where we see the young, educated and smartphone-savvy population already adopting cryptocurrencies at a rapid pace."
- Jambo's "super app" concept combines education, collective access to games to lower barriers to entry, and access to a curated network of Web 3 applications.
- Africa is a rapidly developing region for cryptocurrencies, with the market growing 1,200% in the year to June 2021 to $106 billion, according to the World Economic Forum. Last month, the Central African Republic adopted Bitcoin (BTC) as legal tender, making it the second country in the world to do so after El Salvador.
- "As Paradigm's first investment in Africa, we are excited to work with the Jambo team in this next phase of growth," said Paradigm partner Casey Caruso. "We see tremendous Web3 potential in Africa, and it's clear that James and Alice are uniquely positioned to build a lasting on-ramp for the continent."
- Last November, Paradigm raised a record-breaking $2.5 billion crypto fund, surpassing the previous record of $2.2 billion held by Andreessen Horowitz.
- Jambo raised $7.5 million in a seed round in February, with Coinbase and Alameda Research among the backers.