Fun

African Web3 Startup Raises $6.45 Million in Pre-Seed Round, Serena Williams’ Investment Firm Participates

News Feed - 2022-02-05 10:02:19

African Web3 Startup Raises $6.45 Million in Pre-Seed Round, Serena Williams" Investment Firm Participates


An African startup, Nestcoin, said it raised $6.45 million in a pre-seed funding round in which tennis’ star, Serena Williams’ Serena Ventures took part. The startup, which was launched in November 2021, plans to use the capital raised to educate, build and invest in web 3.0 applications. Facilitating Crypto Adoption


Nestcoin, a Nigerian startup that plans to operate and invest in Web3 applications, recently announced it had raised $6.45 million in pre-seed. Leading the funding round were venture capital firms, Distributed Global and Alter Global.


Also participating in the funding round were U.S sports personality Serena Williams’ Serena Ventures, Alameda Research, A&T Capital, MSA Capital and 4DX Ventures.


According to a report by Forbes, the startup, which was co-founded by Yele Bademosi and Taiwo Orilogbon, plans to use the funds raised to facilitate the adoption of cryptocurrencies. Nestcoin also plans to use the capital raised to fund the building of a platform that allows content creators to earn while educating the startups’ subscribers.


Speaking after the announcement of the capital raise, Bademosi explained why he believes that Nestcoin is going to be a better undertaking than Bundle, a fintech which he launched in 2019. He said: The goal was to be present in 30-plus African countries and have millions of users. The Evolving Crypto Market


While Bundle did become one of the biggest locally established crypto exchange platforms in Africa, it still could not meet Bademosi’s goal of being present in several countries. In fact, according to a report, by the time Bademosi left Bundle, the startup was only live in just two countries, Nigeria and Ghana. It had less than 100,000 active users, the report added.


Bundle’s apparent inability to meet some of Bademosi’s goals eventually convinced the co-founder to launch another startup in November 2021. Meanwhile, the report quotes Bademosi explaining how the crypto market has evolved.


“The first iteration of crypto products were trading products. The second iteration has been more around decentralized finance and non-custodial trading of financing activities. The current situation of crypto, and now more like applications that everyday people use and love, whether it is like consumer applications, finance apps, entertainment, gaming, but these applications now have the potential to reach millions of users across frontier markets. And that’s sort of what we are trying to do with Nestcoin,” Bademosi explained. Tags in this story 4DX Ventures, A&T Capital, Alameda Research, Alter Global, Bundle, Crypto Adoption, Distributed Global, MSA Capital, Nestcoin, Serena Ventures, Serena Williams, Taiwo Orilogbon, web 3.0 applications, Web3, Web3 applications, Web3 Investments, Yele Bademosi


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Colombian Tax Authority Tightens Control Over Cryptocurrency Usage EMERGING MARKETS | 4 days ago Central Bank Governor Says Kenya"s Position on Cryptocurrencies Has Not Changed EMERGING MARKETS | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussian Association of Power Suppliers Proposes Measures to Prevent Home Mining Next articleGofundme Shuts Down Truckers’ Freedom Convoy Fundraiser, Move Highlights the Importance of Crypto Crowdfunding Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItJPMorgan Lowers Its Bitcoin Fair Price Estimate to $38K Amidst Volatility


Leading investment bank JPMorgan has changed its view on the estimate of bitcoin"s price on a long-term basis. The institution had estimated a long-term price of $146K back in November when bitcoin was over $60K. One of the most important ... read more.Vitalik Buterin to Use $100 Million From Crypto Relief"s SHIB Funds to Accelerate Covid Relief Efforts Visa Partners With Over 65 Crypto Platforms — Crypto-Linked Card Usage Soars Despite Price Volatility Russian Investors to Pass Exams Before Buying Cryptocurrencies, Draft Law Suggests Study: US Financial Advisors Expect Proportion of Crypto Holding Clients to Increase by 60%

News Feed

Prashant Jha12 hours agoSouth Korean Bitcoin lender Delio plans to sue regulators: ReportSouth Korean financial regulators accused Delio of fraud and embezzlement and seized its assets in July earlier this year.2560 Tota
CoinEx Burns All 1.08 Billion Locked CET Allocated to the Team
CoinEx Burns All 1.08 Billion Locked CET Allocated to the Team press release PRESS RELEASE. Hong Kong, February 23, 2021 – CoinEx, a global and professional
Binance trading volumes hit yearly high at $1.12T in March
Nancy Lubale1 hour agoBinance trading volumes hit yearly high at $1.12T in MarchBinance spot trading volumes hit a yearly high in March as Bitcoin and Ethereum rose to new highs.134 Total viewsListen to article 0:00Marke
American Truckers Are Planning a Convoy to Washington, Group Raises Over $100K
American Truckers Are Planning a Convoy to Washington, Group Raises Over $100K While the Canadian government and Prime Minister Justin Trudeau try to quell the demonstrations in Ot
Korean VC Firm Daesung Private Equity Announces $83 Million Metaverse Fund
Korean VC Firm Daesung Private Equity Announces $83 Million Metaverse Fund Daesung Private Equity, a Korean venture capital firm, has announced the launch of a metaverse fund of 11
Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan
Attackers Drain Millions From Cover Protocol, Token Holders Attack Compensation Plan Decentralized finance insurance project Cover protocol briefly suffered loss
Novogratz: We Have Money-Printing Orgy Going on, Amazing Environment to Buy Bitcoin
Novogratz: We Have Money-Printing Orgy Going on, Amazing Environment to Buy Bitcoin Galaxy Digital chairman Michael Novogratz said that bitcoin is his pick under the current fina
Starknet Foundation launches $5M grants program
Zoltan Vardai15 hours agoStarknet Foundation launches $5M grants programThe funding aims to help developers with final-stage blockchain projects come to market and boost overall blockchain innovation.2356 Total views1 To
Bitcoin bounces back as Grayscale ETF outflows hit new record low
Ciaran Lyons3 hours agoBitcoin bounces back as Grayscale ETF outflows hit new record lowThe GBTC outflows on April 10 were approximately 15 times less than the average daily GBTC outflows recorded over the past four mont
Avail integrates leading layer-2 networks to create more cost-efficient chains
Savannah Fortis10 hours agoAvail integrates leading layer-2 networks to create more cost-efficient chainsAvail joins forces with leading layer-2 networks for increased Web3 scalability through data availability and rollu
5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year, Says Bitmex CEO
5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year, Says Bitmex CEO By the end of next year, at least five countries will have accepted bitcoin as legal tender, th
Bitfinex Files for Subpoena in Bid to Recover $880 Million in Frozen Funds
Bitfinex has applied to a U.S. court to subpoena a former banking executive of a trust company that the crypto exchange believes can help it recover over $850 million in frozen funds.