Congo based Web 3 super app startup Jambo has raised $30M series funding led by Paradigm.
Jambo which is Paradigm’s first investment in Africa is a web 3 super app startup that combines education, collective access to play-to-earn games for lower barriers of entry and access to a curated network of Web 3 applications.
“We started Jambo last year with the mission to onboard the next million (and potentially billion) African people to Web 3,” wrote James Zhang Jambo CEO and co-founder his sister Alice in an announcement blog post.
“As blockchain and fintech enthusiasts ourselves, we’re bullish on Web 3’s potential to bring prosperity to every corner of Africa, where we are seeing the youthful, educated and smartphone-savvy population already embracing crypto at a rapid clip.”
In November, Paradigm launched a record-breaking $2.5 billion crypto fund, topping the prior $2.2 billion record held by Andreessen Horowitz on the next generation of crypto led projects.
The funds raised from the paradigm funding will go to massive investment and realizing Jambo’s vision of realizing financial prosperity of billions across the content and fostering the next generation of Web 3 innovators, builders and creators.
In February this year, Jambo raised $7.5 million in a seed round with Coinbase (COIN) and Alameda Research among the backers with a goal to educate young people in Africa about Web 3 and introduce them to the financial opportunities it offers.
Just last month, the Central African Republic adopted bitcoin (BTC) as legal tender, the second country in the world to do so after El Salvador which further cements the BTC market in the region.
According to Coindesk, Jambo has signed up over 12,000 students across 15 African nations including the Democratic Republic of Congo, South Africa, Nigeria and Ethiopia to complete a Web 3 curriculum, designed to allow students to explore opportunities in play-to-earn and DeFi, as part of its growth strategy.
Africa is a fast-growing region for crypto, with a 1,200% growth in the market in the year ended June 2021 to $106 billion, according to the World Economic Forum 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,” said Paradigm partner Casey Caruso. “We see massive Web 3 potential in Africa and it’s clear that James and Alice are uniquely positioned to build a durable on-ramp for the continent.”