13 May 2022
Carey Olsen advises African crypto startup Jambo on US$30m funding round
Corporate and digital assets specialists from Carey Olsen's Cayman Islands office have advised Jambo, a Congo-based startup developing a Web3 user acquisition platform, on its US$30 million Series A funding round.
Jambo's app concept combines education, collective access to play-to-earn games for lower barriers of entry and access to a curated network of Web3 applications.
The Series A was led by crypto-focused venture firm Paradigm with its first ever investment in Africa. Additional participation in the funding round came from the likes of ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, Shima Capital, and Morningstar Ventures.
Working alongside onshore counsel Cooley LLP, the Carey Olsen team advising Jambo on the Cayman law aspects of the funding round comprised partner Alistair Russell, counsel Chris Duncan and articled clerk Nicholas Vasic.
Alistair said: "We are delighted to have helped Jambo with its hugely successful Series A funding round. Jambo is an exciting and innovative African startup looking to make a real impact in the adoption of Web3 technology in Africa, and the support it has secured for its inaugural funding round demonstrates the confidence others have in it to do so."
Jambo will use its Series A funding to double the size of its team across Africa by the end of the year to provide the critical talent required to educate the continent on the potential of Web3 technology. In addition, it is looking to expand into at least 15 additional cities by the end of the year in order to have more than 200,000 active community members, students and ambassadors affiliated with its educational efforts.