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Nigeria’s Bitmama raises $350k pre-seed funding round. 1 other thing and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria’s Bitmama raises $350k pre-seed funding round

Bitmama, a Nigerian fintech startup, has announced raising a US$350,000 pre-seed funding round.

The new raiser is expected to help grow Bitmama’s operational presence, expand its team, and penetrate new markets across the continent.

The startup was founded in 2019, to provide a secured blockchain infrastructure that allows users across Africa to transact Bitcoin, Ethereum, Celo and six other cryptocurrencies.

Today, the startup has users across Nigeria and Ghana, and has recorded more than US$6 million in transaction volume this year alone.

According to sources familiar with the startup, the venture also enables cross-border payment and remittance for businesses and individuals in Africa and globally.

Speaking on the development, Ruth Iselema, founder and chief executive officer (CEO), stated that the round was led by Flori Ventures, with participation from Emergence Capital, Fedha Capital, and a host of VCs and angel investors.

Ruth said: “We believe the continent’s crypto landscape will experience massive growth in user base and trading volumes in the next couple of years and we are aiming to build an efficient blockchain infrastructure that is firm and flexible enough to help users navigate complexities and facilitate secure cryptocurrency transactions across the continent.

“Most importantly, we are thrilled to have strong financial backers with global credibility and track records, who are keen on supporting our mission to ensure crypto
and cross-border transactions across Africa are done efficiently and safely for users and businesses.”

Tech Trivia: What does a Geiger Counter measure?
A. Radiation
B. Heat
C. Pressure
D. Sound
Answer: See end of post

2. SA’s Stone Three raises expansion funding from Knife Capital

Stone Three, a leading industry 4.0 solution business, has raised expansion funding from Knife Capital.

READ ALSO: Fintech startup Ukheshe to expand portfolio outside S’Africa. 2 other things and a trivia

The startup combines expert services with the power of machine learning to solve problems that increase operational productivity and keep people safer, healthier and happier.

Stone Three offers end-to-end solutions for AI-augmented digital productivity, health and workplace safety.

Since inception, its services include advanced machine learning, video analytics, healthcare technologies and deep domain knowledge.

According to local sources, the startup has been a self-funded venture, but has now secured expansion capital from venture capital firm Knife Capital.

Commenting on the development, Derick Moolman, Stone Three’s chief executive officer (CEO), noted that the fund is expected to help the startup enhance its enterprise product offerings and accelerate growth by putting the future of work in practice.

He said: “Actionable insights and sustainable business value from data help fuel the Fourth Industrial Revolution and Stone Three partners with the firms that built the world of today to create the future of work by leveraging the benefits buried in their industrial data.

“My former partners and I were fortunate to work closely with the Knife Capital founders in a previous successful venture and I’m excited to have this funder of choice alongside us in Stone Three’s growth journey.

Tech Trivia Answer: Radiation

A Geiger counter is an instrument used for detecting and measuring ionizing radiation. Also known as Geiger–Müller counter or Geiger–Muller counter, it is widely used in applications such as radiation dosimetry, radiological protection, experimental physics, and the nuclear industry.

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