Congo Based Startup Jambo Raises $7.5 Million in Seed Funding Round – Fintech Bitcoin News - BitcoinEthereumNews.com
A Congo-based Web3 app developer, Jambo, recently said it raised $7.5 million in a seed funding round. According to a report, the startups successful seed round is the latest by an Africa-based firm that is working towards developing Web3. Startups Partnership With Social Media Companies Jambo, the Congo-based developer of a Web3 app, has raised $7.5 million in seed funding, a report has said. Parties that participated in the funding include Coinbase Ventures, Three Arrows Capital, Alameda Research, Tiger Global, Delphi Ventures, Alliance DAO, Defiance Capital, Yield Guild Games, and Polygon Studios. The startup, which was co-founded in November 2021 by current CEO James Zhang and his sister, aims to replicate the success of Web3 projects in Africa. To achieve this, the CEO said Jambo will partner with a telecoms provider and social media companies. He also 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. Still, unlike other startups‘ business models, Jambo doesn’t plan on taking a