Nestcoin, a global web3 startup, has raised $6.45 million in pre-seed capital, according to a press release. The Nigeria-based company aims to make crypto accessible primarily in frontier markets and their new funding will go toward their mission.
Nestcoin is backed by venture capital firms including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, gumi Cryptos Capital, DeFi Alliance, and more.
“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,” Nestcoin’s CEO Yele Bademosi shared in a statement.
The press release shares that the new funding will be used to continue growing the company’s team, expanding its product offering, and investing in more ventures that align with its vision.
Before its future investments, Nestcoin invested in LazerPay, a cryptocurrency startup, as well as partnered with Nigerian artist Davido and payment app Bitsika to launch the $Echoke token.
Nestcoin was founded by Bademosi and Taiwo Orilogbon, who prior to the startup founded Bundle Africa, which became a leading social payments app within the continent. As previously reported by AfroTech, the app was Africa’s cryptocurrency version of Venmo and it worked to help Africans have access to quality financial services.
“Regardless of your geography, you should have access to the best financial services. And unfortunately, your geography today defines the quality of financial services that you have,” Bademosi told Forbes in 2020.
He added: “The same way the internet created freedom of information, I think blockchains create freedom of quality of financial services.”
Now, for their current venture, the founders are continuing to hone in on Africa’s fast-growing cryptocurrency economy. Nestcoin’s demographic is targeting everyday people, but especially the younger demographic. It’s the youth that is key in pushing for what can make such an impactful change of a future that spearheads opportunities and financial freedom for the African continent.