Paradigm leads crypto platform's $30m fundraise
Africa-focused cryptocurrency start-up Jambo announced the close of its $30 million series A funding round led by Paradigm, a firm known for backing disruptive crypto and Web3 companies and protocols.
Additional participation in the round came from ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, Shima Capital, Morningstar Ventures and more. These join Jambo’s seed round investors, which include Coinbase Ventures, Tiger Global, and Alameda Research.
”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,” says Casey Caruso, investment partner at Paradigm.
According to James Zhang, CEO and co-founder of Jambo, the company plans to use the funding to:
– Double its team across Africa by end of the year to provide the critical talent required to educate the continent on the potential of Web3 technology.
– Expand into over 15 additional cities by the end of the year with the goal of having over 200,000 active community members, students, and ambassadors affiliated with its 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 global Web3 applications that it is bringing to Africa.
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