Web 3.0-focused startup raises $7.5 million from Coinbase and other investors

The Jambo startup raised $7.5 million in a seed round from a number of major investors, including Coinbase Ventures and Polygon Studios, Decrypt reports.

According to the developers, the round included Alameda Research, AllianceDAO, Tiger Global, Three Arrows Capital, Yield Guild Games, and others. The funds were also provided by business angels — Do Kwon, CEO of Terraform Labs; Ryan Selkis, head of Messari; and Sandeep Nailwal, CEO of Polygon.

The startup’s valuation reached $50 million. The funds will be used to test the app, with a launch anticipated by the end of 2022.

Jambo targets users in Africa and aims to “introduce them to Web 3.0.” According to the project team, the app will provide access to banking services, cryptocurrencies, the DeFi sector and blockchain games.

The startup’s CEO James Zhang called the product a “super app” in an interview.

“We have a long-term vision of achieving financial prosperity for billions of people across the continent, and we aim to develop the next generation of innovators, developers and creators of Web 3.0,” he emphasised.

Back in late 2021, Jack Dorsey doubted the future decentralisation of Web 3.0. He said that achieving this goal would be hampered by the strong influence of venture capital.

Later, cryptographer and founder of the Signal messenger Moxie Marlinspike criticised the dependence of the Web 3.0 space on centralized platforms.

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