Africa Web3 Startup Mara Burned Through $15.9 Million In 2022
- Mara lost $15.9 million in 2022, spending $9.1 million on salaries, bonuses, and allowances.
- The company had $5 million left in its account by the end of 2022 and failed to raise new funding in 2023.
- Mara's CEO registered a new crypto company called Jara and personally invested $700,000 into it.
The financial records reveal significant mismanagement of funds by Mara, resulting in a substantial loss. The inability to secure new funding and the CEO's decision to pivot to a new company indicate a lack of confidence in Mara's prospects. The failure of high-profile hires from Apple and Yellow Card further highlights the challenges faced by the company.
