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 cardinal successful a pre-seed backing circular successful which tennis’ star, Serena Williams’ Serena Ventures took part. The startup, which was launched successful November 2021, plans to usage the superior raised to educate, physique and put successful web 3.0 applications.

Facilitating Crypto Adoption

Nestcoin, a Nigerian startup that plans to run and put successful Web3 applications, precocious announced it had raised $6.45 cardinal successful pre-seed. Leading the backing circular were task superior firms, Distributed Global and Alter Global.

Also participating successful the backing circular were U.S sports property 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 usage the funds raised to facilitate the adoption of cryptocurrencies. Nestcoin besides plans to usage the superior raised to money the gathering of a level that allows contented creators to gain portion educating the startups’ subscribers.

Speaking aft the announcement of the superior raise, Bademosi explained wherefore helium believes that Nestcoin is going to beryllium a amended undertaking than Bundle, a fintech which helium launched successful 2019. He said:

The extremity was to beryllium contiguous successful 30-plus African countries and person millions of users.

The Evolving Crypto Market

While Bundle did go 1 of the biggest locally established crypto speech platforms successful Africa, it inactive could not conscionable Bademosi’s extremity of being contiguous successful respective countries. In fact, according to a report, by the clip Bademosi near Bundle, the startup was lone unrecorded successful conscionable 2 countries, Nigeria and Ghana. It had little than 100,000 progressive users, the study added.

Bundle’s evident inability to conscionable immoderate of Bademosi’s goals yet convinced the co-founder to motorboat different startup successful November 2021. Meanwhile, the study quotes Bademosi explaining however the crypto marketplace has evolved.

“The archetypal iteration of crypto products were trading products. The 2nd iteration has been much astir decentralized concern and non-custodial trading of financing activities. The existent concern of crypto, and present much similar applications that mundane radical usage and love, whether it is similar user applications, concern apps, entertainment, gaming, but these applications present person the imaginable to scope millions of users crossed frontier markets. And that’s benignant of what we are trying to bash with Nestcoin,” Bademosi explained.

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