Nigerian originated startup, Nestcoin has raised the sum of $6.4 million in a pre-seed funding round; this is the first funding the company has raised upon its launch in November, 2021.
The announcement of the funding which was made via the Twitter handle of the co-founder, Yele Bademosi.
In regards to the funding raised, Nestcoin intends to grow its diverse team to reach across more countries, expand the company’s product range, provide financial freedom for people in frontier markets – Africa, Latin America, Asia and parts of Europe and invest in more ventures aligned with its vision to utilize the second type of crypto products such as decentralized finance and non-custodial trading of financing activities and make them accessible to the public.
The company which was founded by Yele Bademosi and Taiwo Orilogbon, is a tech startup that operates on web3 applications. The company also invests in other companies with similarities in its bid to drive the growth of crypto and web3 adoption in the African continent.
Prior to starting Nestcoin, Yele Bademosi worked at Binance, before moving to start Bundle as CEO in 2019, where he was joined by Taiwo Orilogbon who worked in the Company as Chief Technology Officer (CTO).
Currently backed by a group of global investors, including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Social Capital, Old Fashion Research, CMT Digital, Electric Capital, CoinFund, gumi Cryptos Capital, and DeFi Alliance, Nestcoin plans to create crypto awareness and accessibility and to also educate the public on all that is achievable in crypto.
‘‘There is a lot of innovation happening within the crypto ecosystem, but without an equivalent dedication to education and simplified user experience, the gaps separating the informed, misinformed and uninformed continue to increase”, Bademosi said.
“For many, crypto is merely about trading or investing with little to no applicability beyond that, but this is far from reality. Crypto is driving an economic revolution, one that would undeniably enrich the lives of those fortunate enough to be a part of the movement, yet many are still in the dark. Nestcoin is here to change this. Alongside a remarkable team of digital innovators, our mission is to democratize access to crypto and its many life-changing opportunities,” he added.