Web3 Startup Nestcoin Secures $1.9 Mln in Funding Round

Nestcoin, a Nigerian Web3 startup, recently raised $1.9 million in a strategic funding round led by Hashed Emergent. 

Existing investors Alter Global, Magic Fund, CMT Digital, and 4DX Ventures participated in the round, alongside new investors Adaverse and Base Ecosystem Fund. 

This fundraising success comes almost a year after Nestcoin lost access to many stablecoins held at the now-defunct cryptocurrency exchange FTX. In response to losing digital assets worth millions of dollars, Nestcoin reduced its employee headcount last November. 

According to a TechCrunch report, Nestcoin had to reassess its business model due to losing funds.

Commenting on what the re-evaluation process has done for the startup, Yele Bademosi, the CEO of Nestcoin, said: “During this transition period, we were trying to make the best decision when there were no good decisions. It helped that we were open and transparent with our investors and community. We had to make tough decisions regarding cutting product lines. We had to transition from a venture studio and investment holding company to a single-product company.” 

Meanwhile, the report revealed that Nestcoin is planning to use the raised funds to bolster its finances and develop its non-custodial wallet further. 

About Yele Bademosi

Bademosi is the co-founder and CEO of Nestcoin. He obtained a bachelor’s degree in medical science from King’s College London in 2013.

Bademosi started his career in the marketing and business development field in 2012. Later, he joined the startup arena by being the general manager of Starta Africa in Nigeria in 2015. 

One of his most significant achievements in his career was when he was appointed as the director of Binance Labs in Nigeria in 2019; therefore, he became more experienced in the crypto domain. In 2019, he set up Bundle Africa, a social payments app for cash or cryptocurrency. He founded Nestcoin in 2021 as a developer of cryptocurrency investment software designed to allow investors to build and invest in crypto-focused products. 

It is worth mentioning that Bademosi is a founder partner of Microtraction, which aims to pump investments into Nigeria’s most remarkable technical founders and support them in establishing world-class startups.