CONGO – Jambo, a Congo-based startup that is democratizing access to crypto-based income-generation opportunities through ‘learn, play, earn,’ has received US$30 million in Series A funding led by Paradigm, a firm known for backing disruptive crypto and Web3 firms and protocols.
ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, Shima Capital, Morningstar Ventures, and others also participated in the round.
“Growing up in the Democratic Republic of Congo, my sister and co-founder Alice and I witnessed first hand the continent’s potential for economic innovation and prosperity,” James Zhang, CEO and Co-Founder, Jambo said in a statement.
The financing will also allow the startup to expand into 15+ more cities by the end of the year, aiming to reach over 200K active community members, students, and ambassadors.
The business will also be able to engage engineers to build a Web3 super app that would allow Africans to trade crypto, buy and sell NFTs, play crypto games, and access top worldwide web3 apps.
Jambo intends to onboard millions of users to web3 across Africa through its applications, according to James Zhang, the company’s co-founder and CEO.
He and his sister, both Congo-born Chinese, started the company in November 2021 after seeing a chance to replicate the success of web3 projects in Southeast Asia across Africa.
“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,” he said.
“Many web2 incumbents or even web3 are having a US$100–200 user acquisition costs so we can lower that by order of magnitude by directly incentivizing the end-user.”
Play-to-earn games are also coming to Jambo. There are currently no well-known play-to-earn web3 games from Africa, owing to a lack of infrastructure for creating such through Guilds. Jambo, according to Zhang, wants to construct such infrastructure.
Despite this, unlike well-known guilds that collect a percentage of profits from its members, his company has no plans to take a cut from its members’ earnings.
Jambo’s revenue would instead come from web2 models, which would charge advertising money as well as fees from selling airtime and data.
Jambo intends to spearhead true Web3 revolution in Africa, with plans to launch the AfricaDAO investment fund to empower and invest in businesses who share its vision and goal to positively touch the lives of millions of people across Africa for decades to come.