Paradigm Enters Africa With $30M Round for ‘Super App’ Jambo

The Congo-based startup is building a platform for Web 3 user acquisition.

AccessTimeIconMay 10, 2022 at 3:28 p.m. UTC
Updated May 11, 2023 at 5:37 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Jambo, a Congo-based startup building a Web 3 user acquisition platform, has closed a $30 million Series A funding round led by Paradigm, marking the crypto native investing giant’s first investment in Africa.

  • “We started Jambo last year with the mission to onboard the next million (and potentially billion) African people to Web 3,” wrote James Zhang Jambo CEO and co-founder (along with his sister Alice) in an announcement blog post. “As blockchain and fintech enthusiasts ourselves, we’re bullish on Web 3’s potential to bring prosperity to every corner of Africa, where we are seeing the youthful, educated and smartphone-savvy population already embracing crypto at a rapid clip.”
  • Jambo’s “super app” concept combines education, collective access to play-to-earn games for lower barriers of entry and access to a curated network of Web 3 applications.
  • Africa is a fast-growing region for crypto, with 1,200% growth in the market in the year ended June 2021 to $106 billion, according to the World Economic Forum. Last month, the Central African Republic adopted bitcoin (BTC) as legal tender, the second country in the world to do so after El Salvador.
  • “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.”
  • In November, Paradigm launched a record-breaking $2.5 billion crypto fund, topping the prior $2.2 billion record held by Andreessen Horowitz.
  • Jambo raised $7.5 million in a seed round in February, with Coinbase (COIN) and Alameda Research among the backers.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.