The Story Of A Web3 Female Founder Who Built A Unicorn.
There aren’t many Web3 female founders who have raised $2m for their startup, but Ruth Iselema (Founder of Bitmama) pulled it off. Though it happened a little over a week ago, the story is still far from over.
A unicorn is a privately held startup company with a value of over $1 billion. In the real sense of it, Bitmama isn’t yet a Unicorn but in local currency, that company has raised over 1 billion in pre-seed, so I’ll retain it- It’s a Unicorn!
The Bitmama story is highly inspiring, thrilling, and pacesetting. What a beautiful finish and regal entrance into a new journey. As I sat back to reflect on it this week, I realized what a phenomenal achievement this is.
Not only did Bitmama close a $2m pre-seed, but they also increased their user base by over 300% to 70,000 monthly users without many marketing efforts! Talk about awe-mazing!!
So, I said to myself, I must capture Miss Ruth’s story, who is this Web3 female founder who’s building a Unicorn straight out of Africa? I think more people should hear it and hence, dear reader, this article… capturing all the things you knew and the ones you must find out about Ruth Iselema, the Web3 female founder who has built a unicorn.
An Interview With Bitmama’s Founder- Ruth Iselema
During this interview, I asked Ruth questions regarding her career as a CEO and her personal life. (My questions are highlighted in italics)
How did you start your blockchain journey? Did you at any point believe you were going to be a founder?
I think it started with curiosity about everything in 2016/17. Although, I’ve always known I’m going to be an entrepreneur. I just didn’t expect that it’d be a Blockchain company.
Did you ever feel like doing something else? Were there times when being a founder wasn’t enjoyable?
Not at all. Being a founder has its perks but we also have to take some time to rest when the need arises so we also don’t experience burnout.
Highlight a few victories you’ve recorded in your journey to grow Bitmama to where it is today.
First, was when we built the v1(version one) of our product. The sense of fulfillment and achievement was second to none.
The second, was when we raised our first pre-seed round which was $350,000. This felt good because women get less VC funding than men.
Lastly, the third win is raising an additional $1.65 million after the first round. Less than 2% of women around the world raise $1 million for their companies after the first round. It’s usually harder for women to do this. So it’s a big deal for me.
How do you like to unwind? Are there little things you enjoy doing outside of work?
I love to watch movies and cartoons a lot.
In your experience as a CEO, what do you think are the top 3 lessons every CEO should always consider?
1. Getting the right people.
2. Getting the right investors and partners.
3. Listening to others (teammates, advisors, etc). You’re not always right.
What advice would you give a newbie in the space who’s looking up to you?
Take it slowly. Get an adviser that has also been a founder as well. They’ve gone through that path and know what the path looks like.
Bitmama- The Web3 Female Founder’s Unicorn
You’ve probably heard the general story; Bitmama is a crypto-fiat exchange that allows traders to buy and sell Bitcoin, Ethereum, and other digital assets in Africa. They also have crypto cards that allow people to spend globally without FX limits. It was founded in 2016 by Ruth Iselema and is based in Claymont, Delaware. Well, now hear the mind-blowing one…
Did you know that Bitmama started as a WhatsApp group where members learned about crypto, particularly bitcoin, and made transactions? Additionally, with Bitmama’s virtual crypto debit card- funded with stablecoins, users have access to over $10,000 per month in spending limits. They are usable anywhere, anytime, and anywhere in the world.
Currently, Bitmama is working on a B2B play via APIs to allow businesses in various industries to offer crypto-based services to their users without building from scratch. The executives say Bitmama is testing this feature with some clients in beta.
Conclusion
In a conversation with the President of the Stakeholders In Blockchain Technology Association of Nigeria(SiBAN), he shared candid advice on what to learn from Bitmama.
Bitmama’s story may also be something founders should learn from. Don’t try to build 7 products and launch them all at once in a one-shop platform. Learn to introduce those great products one after the other. Start minimally and build momentum from there. That’s why it is called an MVP — minimum Viable product. Don’t burn all your money launching an “MVP” that packs all your innovative solutions at once. Such platforms will end up most likely underutilized. Consequently, you will start comparing your amazing and innovative platform to other “less amazing and innovative” ones when in fact you didn’t give your users any air to breathe. Take it easy. Step by step. Iterate.
Anyway, dear reader, I pride myself on the fact that just like this Web3 female founder, I like cartoons and I’ve also always known that I’ll be an entrepreneur, maybe it’s a sign of something great for me too. However, I once sent crypto funds to a contract address, so maybe I will build a business outside the blockchain space, lol!
But you can be a better crypto trader than me if you read this first. It’d likely increase your chances of building a Unicorn.
LinkedIn: Onyeka Ekwemozor
Twitter: OnyekaEkwemozor
