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Nestcoin, a Nigerian crypto-focused startup led by Yele Bademosi, raised $6.45 million in its pre-seed funding round, which was heavily participated in by institutional investors, as it moves to drive cryptocurrency and Web3 adoption in Africa.
Nestcoin was founded by Nigerian technology entrepreneurs Taiwo Orilogbon and Yele Bademosi, a former director of Binance Labs in Africa, to capitalize on the growth opportunities embedded in Web3 development in Africa.
Web3 is a concept for a new sequence of the Worldwide Web based on cutting-edge blockchain technology that incorporates concepts such as decentralization and token-based economics.
Its recent pre-seed funding round was supported by an international group of investors, including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat VC, Old Fashion Research and CMT Digital.
According to the startup’s press release, the $6.45-million capital injection from institutional investors will be used to “expand its global operations and invest in building products that will help accelerate crypto adoption and financial freedom for people in frontier markets.”
“We are excited that our investors are backing this ambitious plan to create a future where billions of people in frontier markets have access to the opportunities that crypto brings,” Bademosi, CEO and co-founder of Nestcoin, said.
He stated that the capital raised from the pre-seed round will help the startup grow its diverse team, which currently spans nine countries, expand product offerings and invest in more ventures that align with its vision.
Nestcoin recently invested in Lazerpay, a startup that allows businesses to accept cryptocurrency payments. It also collaborated with Nigerian superstar artiste Davido and Bitsika, a payment app that helps people send money, to launch the E-choke social token, among other things.
In an effort to champion crypto adoption in Africa through access to timely information, Nestcoin launched Breach, its media arm created to advance crypto education globally, and Metaverse Magna, a crypto-gaming guild that helps users earn up to $1,000 per month.
It currently has several other products in the works, all of which are intended to provide compelling use cases for cryptocurrency as it moves to champion adoption in Africa, beginning with its home country, Nigeria, Africa’s largest economy.
