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The startup company Jambo has received funding recently from distinct firms in order to follow its grand plans
Six months ago, a company called Jambo was formed by James and Alice Zhang in the Democratic Republic of Congo in order to follow their ambitious aspiration of bringing digital commerce based on Web 3 technology to the African continent. One of the firm founders, 26 years old James, said that they are hoping to become an African super app just like WeChat super app has done in the last decade in China. A startup company has attracted several high profile companies in its Series A and seed funding rounds, for instance, Delphi Ventures, Patera Capital, Alameda Research of Bankman Fried and Coinbase Ventures.
One of the prominent venture capital firms, Paradigm Ventures, having a niche market that already has invested in firms like Axie Infinity, observes great potential and capabilities in Jambo. Casey Caruso, an investment partner at Paradigm Ventures, said they think of Axie Infinity’s play to earn as just the beginning for the African continent and beginning for Jambo specifically.
The seed funding round of Jambo raised about $7.5 million, while the Series A funding round raised about $30 million. The most famous play-to-earn game arguably, Axie Infinity, has attracted many Southeast Asian crypto enthusiasts where unemployment rates are high. Still, many of them have smartphone access that makes their reach to crypto-assets easy and possible.
Jambo has targets to look over the smartphone users promoting under 30 market that comprises over two-thirds population of the Sub Saharan African, which is a crypto market segment that is globally the third fastest-growing segment. So far, it has received more than 30,000 registrations for apps like WeChat, slated for this year’s third quarter.
The app also includes a non-custodial wallet that was being built on the Polygon network with a layer two solution built on Ethereum, play to earn games and a native token of Jambo. Play to earn, or P2E games will get selected based on capabilities bandwidth. While at the same time, the wallets will allow its customers to earn a yield on swapping of crypto.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
