A Congo-based startup, Jambo, which uses “learn, play, earn” to democratize access to crypto-based income prospects, has acquired $30 million in Series A funding led by Paradigm, a firm known for sponsoring transformative crypto and Web3 enterprises and protocols.
Other investors included Pantera Capital, ParaFi Capital, Delphi Ventures, Gemini Frontier Fund, Kingsway Capital, BH Digital, Management Asia, Graticule Asset, Morningstar Ventures, Shima Capital and others.
Tiger Global, Coinbase Ventures, and Alameda Research are among the past seed round investors who have backed the company.
“My sister and co-founder, Alice and I observed directly the continent’s prospects for increasing economic innovation and wealth while growing up in the Democratic Republic of Congo. We are devoted to helping more Africans obtain financial well-being because we come from a family that has invested in Africa’s development for over three generations,” James Zhang, CEO and Co-Founder of Jambo, said in a statement.
By the end of the year, Jambo will have quadrupled its staff in Africa, allowing it to further enlighten the region on Web3 technology.
The funding will also allow the company to expand into 15+ other cities by the end of the year, with the goal of reaching over 200K active students, local residents, and ambassadors.
The company will also be able to hire developers to create a Web3 super application that would enable Africans to trade cryptocurrency, trade NFTs, play crypto games, and connect to top web3 apps from across the world.
“We’re establishing a grassroot network of ambassadors, one city at a time, to tailor our curriculums to each community, and we’ve hit some interesting milestones in the last few months, which include: establishing Jambo offices across the globe for our on-the-ground activities; and launching a new educational program in Kenya,” Zhang said.
“Web3 students have access to computers and high-speed internet thanks to partnerships with thousands of internet cafes and campus booths. Thousands of individuals in Africa have expressed interest in testing and using the Jambo Web3 super application that we’re developing,” he said.
“We couldn’t be more delighted to join with the Jambo team in this coming chapter of expansion as Paradigm’s first investment in Africa. We believe Africa has enormous Web3 potential, and James and Alice are in a unique position to construct a long-term on-ramp for the region.” Casey Caruso, Paradigm’s Investment Partner
Play-to-earn games will also be available in Jambo. Due to a lack of infrastructure for generating such games via Guilds, there are presently no popular play-to-earn web3 games from Africa. According to Zhang, Jambo aims to build such network.
Despite this, unlike common guilds that take a portion of their members’ revenue, his company has no plans to do so.
Instead, Jambo’s income would come from web2 models, which would levy affiliate commissions as well as fees from airtime and data sales.
After seeing an opportunity to repeat the success of web3 initiatives in Southeast Asia across Africa, Zhang and his sister, both Congo-born Chinese, founded the company in November 2021. Jambo plans to onboard millions of users to web3 through its applications across Africa.
Jambo aspires to be Africa’s biggest and most influential Web3 customer acquisition site, serving as a conduit between Africa and apps from across the world seeking to penetrate the African market.
Users can save money on data when they use the Jambo platform. Jambo negotiates a roughly 70% discount with telecom carriers, which it then sells directly to its users at a 50% discount.
By viewing social media material on the startup’s application, users can earn reward points (which can be exchanged for money).
With plans to set up the AfricaDAO investment fund to equip and invest in firms that reflect its vision and purpose of positively impacting the lives of millions of people across the continent for decades to come, Jambo intends to pioneer a true Web3 revolution in Africa.
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