Jambo, Web 3 Superapp for African Youth, Secures $7.5M in Seed Funding

UTC by Bhushan Akolkar · 3 min read
Jambo, Web 3 Superapp for African Youth, Secures $7.5M in Seed Funding
Photo: Unsplash

Jambo seeks to become an all-in-one destination hosting top-notch Web 3 play-to-earn games. Besides, it also plans to build a robust infrastructure to host Web 3 education.

On Monday, February 21, Congo-based startup Jambo announced raising $7.5 million in a seed funding round from top investors like Coinbase Ventures, Delphi Ventures, Polygon Studios, Alameda Research, Tiger Capital, 3 Arrows Capital, AllianceDAO, and others. Jambo is building Africa’s Web 3 user acquisition portal via the “learn, play, and earn” method. Besides, it also focuses on democratizing access to crypto-based income-generation opportunities.

The Southeast Asia market is already riding on the Web 3 wave and experts believe that Africa provides the next big opportunity. Web3 startups like Axie Infinity and Yield Guild Games have already raised millions of dollars in venture capital. This has further boosted the adoption of crypto along with play-to-earn models.

But what makes Africa the next big destination for Web 3.0. It’s the region’s fast-growing young population and solid smartphone penetration. Besides, it also the growing crypto adoption along with solid employment opportunities in Africa.

Jambo Co-founder and CEO James Zhang calls it a “superapp” that seeks to become an all-in-one platform for people from the African continent. Jambo will offer its users blockchain-based banking solutions along with access to crypto via decentralized exchanges (DExs).

As a result, Jambo is positioning itself for the next big boom in the Web 3 world. Through its applications, CEO James Zhang plans to onboard a million users to Web 3 in Africa. Existing market players like Axie Infinity allow users generate income while playing games under a revenue-sharing model.

Jambo is taking a two-sided approach allowing them to take part in the Web 2 as well as Web 3 activities. They are attracting users by helping them save their data spend. Jambo has partnered with Africa’s telecom operators to get up to 70% discount and pass on 50% discount to its users.

Jambo Is Building Infrastructure for Web 3 Education

Jambo said that it is building robust infrastructure to popularize Web 3 education along with play-to-earn games. Speaking of this development, CEO James Zhang said:

“Education is at the core of what we do because I think there is no shortcut in Africa. You have to educate the user base before you can even think about monetizing or start to acquire users at the end of the day. This is why we are launching classes with a full curriculum on web3. We plan to launch that in more than five universities in Africa by the end of Q1″.

Furthermore, Jambo is also partnering with social media platforms for users to earn tokens while watching content on their app. Zhang 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”.

Jambo is planning to release its beta version by Q2 2022 and go live ahead by Q3 2022. It already has a 60-men team working on its super app in sub-Saharan Africa, Santa Clara and Shenzhen.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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