Mobile News In Africa: #75

Jambo Raises $7.5M from Coinbase, Alameda Research to Build ‘WEB3 Super App’ of Africa

What is Jambo?
Jambo is a Congo-based startup building Africa’s WEB3 user accusation portal through “learn, play, earn” and democratizing access to crypto-based income-generation opportunities. They recently achieved a huge feat by raising $7.5 million in seed funding!

Experts say Africa has the features that will allow WEB3 thrive like it has in Southeast Asia, the home to startups like Axie Infinity and Yield Guild Games.

Some of such features are:
A few positives:

  • Fast-growing population — the youngest globally
  • Solid smartphone penetration
  • Increasing crypto adoption

And some negatives:

  • Low GDP per Capita across the board
  • Unemployment

Introducing WEB3 to Africa
A couple of companies like Jambo are positioning themselves for this next boom. According to James Zhang, Jambo’s co-founder and CEO, Jambo wants to onboard millions of users to WEB3 in Africa.

Where the users of Axie Infinity and other guilds only earn while playing games under a revenue-sharing model, Jambo took it up a notch by allowing its users earn when they participate in WEB2 and WEB3 activities.

Jambo is also partnering with social media companies, so users can earn tokens and convert them to cash while watching their content on its app.

The last bit is play-to-earn games. Zhang intends to build the infrastructure to create play-to-earn games in Africa, which is lacking in our part of the world. And even then, he doesn’t intend to take cuts of the profit from users like other guilds do, but will get commissions and advertising dollars from airtime and data sales.

WEB3 Education Scheme in Africa
The downside is it might be a bit difficult to launch this WEB3 project in a region with little to no understanding of it. So, Zhang has launched classes with a full curriculum on WEB3 to help dealienate the project!

With nearly 60% of the population under 24 years of age and almost 50% of university graduates in Africa unemployed, Jambo believes its model of educating users about play-to-earn games and DeFi could “lead to financial prosperity in ways Africans could never have accesses before.”

Educating Africa’s young population about WEB3 and decentralization seems to be a correlating theme with recent WEB3 upstarts in Africa. Nigeria-based Nestcoin, for instance, raised $6.4 million to scale its WEB3 initiatives, which include Breach, a media outlet that creates bite-sized and informative crypto content for its users.

Comparing Jambo and Other WEB3 Companies
Nestcoin and Jambo are similar in setting up a new WEB3 segment in Africa and different in their play-to-earn models. Nestcoin runs a gaming guild called Metaverse Magna (MVM); Jambo does not. For Zhang, the fundamental distinction is that while customary platforms help Africans save and send money, new upstarts are increasing earning potentials for users.

What the Future Holds for Jambo
Jambo expects to release its beta version by Q2 and go live in Q3. To fund its dream super app, the 60-man Jambo team spread across sub-Saharan Africa, Santa Clara, and Shenzhen raised a party round from investors who have backed prominent WEB3 companies like BlockFi and Polygon.MORE…

GET THE APP.

DOWNLOAD APPS AND GAMES

Leave a Reply