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Reports of Jambo’s capital raise come just over a month after another Web3-focused African startup, Nestcoin, was reported to have raised $6.4 million from investors. Meanwhile, a Techcrunch report states that both startups’ successful funding rounds suggest that Africa is set to follow in Southeast Asia’s footsteps.
To back this assertion, the report cites the African continent’s combination of a fast-growing population, high smartphone penetration, and the growing adoption of crypto as positives that favor the adoption of crypto and play-to-earn models.
On the other hand, negatives such as the low Gross Domestic Product (GDP) per capita and the continent’s perennial problem of high unemployment are listed as factors that make Africa an ideal place to launch Web3 projects.
