Web 3.0 Startup Raises $7.5M from Coinbase

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Startup Jambo has just raised $7.5 million in seed funding from several major investors, including Coinbase Ventures and Polygon Studios, Decrypt has learned.

According to the project, other participants in the funding round include Alameda Research, AllianceDAO, Tiger Global, Three Arrows Capital, Yield Guild Games and others. The funds have also been provided by business angels: Terraform Labs CEO Do Kwon, Messari CEO Ryan Selkis and Polygon CEO Sandeep Nailwal.

The startup’s valuation has reached $50 million following the funding round. The company’s devs will use the funds to test the application, whose release is expected at the end of 2022.

Jambo focuses on African users and aims to “introduce them to Web 3.0”. According to the project team, the application will open access to banking services, cryptocurrencies, the DeFi sector and blockchain games.

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