Nigerian investment company, Microtraction has announced an investment in Accounteer an online accounting software for Small and Medium scale Businesses. This was made known in an announcement by its founder, Yele Badamosi, on Twitter:
Excited to announce our investment in @Accounteer, an online accounting software for SMBs. @NateKorl shared why we made this investment below and looking forward to @MerijnCampsteyn and team execute on digitizing financial books of SMBs across Africa.https://t.co/EKRMk6SCml
— Yele Bademosi (@YeleBademosi) October 8, 2018
Recall that Microtraction announced its investment in three startups: Wallet.ng, a Nigerian FinTech company, Allpro, a school management software (SMS) company with a focus on financial services and Thank U Cash, a payment processor that offers cash back to buyers every time they make a payment.
This follows the initial announcement of investment in two startups: CowryWise and Bitkoin Africa. CowryWise is a FinTech startup that uses an automated system to help users save their money while Bitkoin Africa is a platform for Africans to easily trade cryptocurrency assets such as Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
‘Thank U Cash’ rewards you with instant cash back when you pay with cash or card, online or offline. https://t.co/NC3pB51EPF
— Yele Bademosi (@YeleBademosi) August 20, 2018
Accounteer solves these problems faced by African entrepreneurs by creating the first complete accounting solution designed for entrepreneurs. The Accounteer app allows businesses to continue operations when they are offline. This enables businesses to take full advantage of the benefits of both online and locally installed software.
The startup has Merijn Campsteyn has its CEO and Co-founder. He is a self-taught programmer and has a Masters degree in Applied Economic Sciences with an impressive portfolio of experience. Other members of the team include Niyi Adegboye, the Business Development and Tolu Adetuyi, the Mobile App Developer.
Two Nigerian startups, @Accounteer , @termii_network, have been shortlisted for Demo Africa 2018. The two startups made Demo Africa’s shortlist of 30 African start-ups for this year’s event in Morocco.#DemoAfrica #Africa #Startups
— Technext (@technextdotng) August 22, 2018
Microtraction mentioned in a blog post that the fact that Small and Medium Enterprises (SMEs) play a major role in the development of the economy of a country like Nigeria is the reason the investment is an exciting prospect.
According to the post: “Formal SMEs contribute up to 60% of total employment and up to 40% of national income (GDP) in emerging economies. When taking the maturity level of the businesses into account one estimates that the current addressable market in Nigeria is several hundreds of thousands.”
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.
It's been a year but feels like yesterday. We've learnt so much over the past year.
— microtraction (@microtraction) July 17, 2018
Following its launch about a year ago, 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.
Microtraction’s long-term mission is to accelerate Africa’s transition to a sustainable and developed economy.