Nigerian investment company, Microtraction celebrates one year in business. The VC firm which invests in early-stage startups was launched in July 2017.
It's been a year but feels like yesterday. We've learnt so much over the past year.
— microtraction (@microtraction) July 17, 2018
Now in Africa, entrepreneurs and innovators are churning out impressive ideas and companies. Many are also developing remarkable solutions to various social problems that have the potential of being lucrative. However, lack of funding, as well as support, has been a bane to their growth.
Microtraction aims to address this problem.
My vision and initial focus for Microtraction has always stayed the same, which is to increase the number of venture bankable startups across the continent and ultimately bridge the pre-seed funding gap that currently exists. — Yele Bademosi, founder of Microtraction.
Microtraction aims to bridge this gap and make it easier for African founders to build successful startups by identifying the best early-stage, growth-driven technology businesses in billion dollar markets via an open application process.
Following its launch, the company announced a $65,000 in startups over two stages. First, it invests $15,000 for 7.5% equity stake, followed by an additional $50,000 convertible note at a $1 million valuation cap in companies that show significant progress after our initial investment.
Crazy that @Microtraction is one year today!
Grateful to our founders, investors, advocates and partners who have worked with and continue to support us.
— Yele Bademosi (@YeleBademosi) July 17, 2018
Recently, the VC invested in two startups: CowryWise and Bitkoin Africa.
CowryWise is a FinTech startup that uses an automated system to help users save their money. It, in turn, invests these funds to guarantee greater returns for users. It’s one of the few startups disrupting traditional banking with the power of technology.
Bitkoin Africa is another noteworthy investment by Microtraction. Bitkoin Africa is a platform for Africans to easily trade cryptocurrency assets such as Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
Both startups have a long-term goal to play key roles in the FinTech industry. So Microtraction has done itself a huge favour in spotting them out and helping them to grow.
From us at Technext, we say happy one year anniversary Microtraction.
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