Paradigm Lands in Africa With $30M Series A Funding for Congo Based ‘Super App’ Jambo
Jambo, a Congo-based Web 3 super app firm, has raised $30 million in a series investment round headed by Paradigm.
The web 3 mega app startup Jambo, which is Paradigm’s first investment in Africa, combines education, communal access to play-to-earn games for lower entry hurdles, and access to a curated network of Web 3 applications.
In an official blog post, James Zhang, Jambo CEO and co-founder, wrote, “We founded Jambo last year with the objective of onboarding the next million (and perhaps billion) African people on Web 3.”
“As blockchain and fintech aficionados, we believe Web 3 has the ability to deliver prosperity to every corner of Africa, where the young, educated, and smartphone-savvy populace is already embracing crypto at a rapid pace.”
In November, Paradigm established a $2.5 billion crypto fund, shattering Andreessen Horowitz’s previous record of $2.2 billion on the next generation of crypto led enterprises.
The monies obtained from the paradigm funding will be used to make enormous investments and realize Jambo’s vision of bringing billions of dollars of financial success to the content industry while also cultivating the next generation of Web 3 innovators, builders, and creators.
Jambo secured $7.5 million in a seed round in February, with backers including Coinbase (COIN) and Alameda Research, with the goal of educating young people in Africa about Web 3 and introducing them to the financial prospects it offers.
Last month, the Central African Republic became the world’s second country to embrace bitcoin (BTC) as legal tender, following El Salvador, further cementing the region’s BTC industry.
According to Coindesk, as part of its growth strategy, Jambo has enrolled over 12,000 students from 15 African countries, including the Democratic Republic of Congo, South Africa, Nigeria, and Ethiopia, to complete a Web 3 curriculum that allows students to explore opportunities in play-to-earn and DeFi.
According to World Economic Forum data, Africa is a fast-growing region for cryptocurrency, with a market worth $106 billion in the year ended June 2021, up 1,200 percent.
“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.”
