Africa Web3 Startup Mara Burned Through $15.9 Million In 2022

The Coinbase backed startup has reportedly pivoted to a new company after failing to achieve revenue

By Joseph-Albert Kuuire 2 Min Read

In a report by Tech Cabal, African Web3 startup Mara reportedly lost $15.9 million in 2022 according to financial records.

Details

According to audited financial statements obtained by Tech Cabal, Mara spent $9.1 million on salaries, bonuses, and allowances. The company had a total of 130 employees according to an internal source in the company.

Digging Deeper

Mara had raised $23 million from Alameda Research, the trading arm of FTX, Coinbase Ventures, and 100 other investors in May 2022.

By the end of 2022, the company had $5 million left in its account. Mara tried to raise new funding in 2023 in the range of $2 – $3 million but was not successful.

Burning Through Cash At A Rapid Clip

Mara directors reportedly earned a combined $2.6 million. Out of the five C-suite executives (except the CEO), three earned $170,000 each, a fourth earned $120,000 while another earned $600,000 annually.

The company also hired away employees from Apple and Yellow Card but sources say those hires failed to deliver.

Pivot To “Jara”

Mara CEO Chineyere Nnadi reportedly registered a new crypto company called Jara, replacing Mara due to its poor reception. The CEO reportedly personally invested $700,000 of his personal funds into the new entity.

The new “Jara” app

Zoom Out

In September 2022, the startup was announced as the official sponsor of Ghana’s National Football team. Mara reportedly invested $1 million as its sponsor.

The company was also the main sponsor of the Ghana Women’s Premier League for that year.


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Joseph-Albert Kuuire is the creator, editor, and journalist at Tech Labari. Email: joseph@techlabari.com Twitter: @jakuuire
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