Amp Global Secures $5.6 Million in Seed Funding

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AMP Global Technologies, a blockchain-based video entertainment network in Africa, has secured $5.6 million in a seed round.

One interesting tidbit is that the startup received $3 million in funding from friends, family, and angel investors. It also raised $2.6 million from VCs, led by MaC Venture Capital.

I don’t know about you, but I’d like to be wealthy enough to invest in my family’s and friends’ businesses. So in case you have any generational wealth you’d like to share with me, I’ll accept it with all joy because I want to start investing right away.

Jokes apart, Derrick Ashong (CEO) founded the company behind the Take Back The Mic (TBTM) app.

READ: $2.5M Raised by Topship Seed Round

What’s the app about? It’s an interactive content platform that allows content producers to build a direct relationship with their audience and rewards viewers for their participation. So, the app is used by upcoming rappers, artists, and actors.

How does it work? Fans exchange points for AMP’s digital currency, Kola, built on an Ethereum-compatible blockchain, to buy mobile data.

READ: Fintech Investment: Interswitch Receives $110M

Thus, exchanging points helps AMP reach a large audience of young people online to stream its shows.

AMP Global plans to use this funding to launch its Gateway to the Internet programme, which will allow users to purchase mobile data using its blockchain-based digital currency earned through engagement with content in the
TBTM app.

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