New post Thank you for 2021. Expecting a bigger you in 2022 Read More


Jambo, Congo-based Web3 startup, raises US$7.5m; to build ‘Super App’

1 Mins read

Congo-based African web3 startup, Jambo, has completed its seed funding round. The startup, whose focus is on building Africa’s web3 user acquisition portal through “learn, play, earn,” has raised $7.5 million.

Jambo successfully raised the funds from investors like Coinbase ventures, Delphi Ventures, and Three Arrows Capital.

Other investors that participated in the round includes Alliance DAO, Tiger Global, DeFiance Capital, Hashed, Polygon Studios, UOB, Signum Capital, BH Digital, and Yield Guild Games, among others.

Aside building a web3 “Super app,” Jambo is also working on democratizing access to crypto-based income-generation opportunities.

Speaking on Jambo’s product, co-founder and CEO – James Zhang – said the company aims to lead web3 adoption in Africa, and decentralized finance (DeFi) services including currency exchanges and remittances.

Honestly, anything that helps in Africa – send money, save money, make money – is what we’re testing off of the super app,” Zhang said.

The reason we can do that is via partnerships with these companies as we tokenize a part of their advertising budget and directly provide to the end-user. Many web2 incumbents or even web3 are having a $100-200 user acquisition costs so we can lower that by order of magnitude by directly incentivizing the end-user.” Zhang added.

Zhang further explains that the startup is partnering with telecommunication providers to get about 70% discount, and sell directly to its users at a 50% discount from the original cost.

Read also: Stitch raises US$21 million in Series A; led by Spruce House Partnership

Capitalizing on the growing youthful generation of Africa’s population, as well as the smartphone penetration, unemployment and low GDP, Jambo is positioning itself to sign-up millions to its platform through its Super app.

Zhang plans to replicate the success recorded by gaming platforms like Axie Infinity and Yield Guild Games in Africa. These blockchain-based online video games have raised millions of dollars in venture capital due to the adoption of crypto and play-to-earn models.

James Zhang co-founded Jambo with his sister (both Congo-born Chinese) three months ago. Jambo maintained that it is currently testing 10 play-to-earn games which it plans to launch in a few months.

The startup claims to have already onboarded 12,000 across 15 African countries like Nigeria, Ethiopia, Zambia, Uganda, Kenya and, Congo.

469 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Related posts
Now you knowRandomStartups

Saga Raises $6.5 million To Build A Web3 Protocol

2 Mins read
Web3 has been everywhere in the news lately, interestingly, for the right reasons I must admit. We are about witnessing the change…

Kenyan aquaculture startup - Victory Farms - raises $5 million to push its expansion across East African

2 Mins read
Victory Farms, an aquaculture startup based in Kenya, has completed its fundraising round, closing the round with $5 million. The startup, which…

Aave Launches A Web3 Social Media Platform Powered By Blockchain

2 Mins read
The good news of Web3 will continue to be spread until it completely evolves and becomes a blown reality, having fully been…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply