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Microtraction has announced a $15 million first close of their Community Fund to support early stage startups in Africa 

Tech Gist Africa by Tech Gist Africa
08/29/2022
in Funding, News - West Africa, Startups, Venture Capital
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African Venture Capital company Microtraction

African Venture Capital company Microtraction

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Microtraction, an early-stage venture capital firm that invests in African technology startups at the pre-seed level, has announced a US$15 million first close of its second fund. 

Microtraction was founded by Yele Bademosi and Kwamena Afful in 2017 and has since invested in 36 businesses in Nigeria, Ghana, Kenya, and Rwanda, with the support of PAVE Investments, Michael Seibel, Andy Volk, and Chris Shultz. 

Included in their portfolio are companies such as Accounteer, Riby, Thank U Cash, CowryWise, Wallet.ng, Schoolable, 54gene, Termii, Pivo, Bit Sika, and Raise, who have collectively raised over US$10 million in additional capital. 

Microtraction claimed that it had “carefully and intentionally” sought out the founders, GPs, and LPs that make up its investment base for its second fund, the Community Fund.

With LPs like and others, the first close of US$15 million has now been made. More than 30 founders of African startups with venture capital backing are LPs in this community fund, including Shola Akinlade of Paystack, Razaq Ahmed of Cowrywise, Francis Osifo of 54gene, Odun Eweniyi of Piggyvest, and Jesse Ghansah of Float. 

“As a team, we’re never afraid to try new things and lay the groundwork for future innovations. We think that the African startup ecosystem is still developing and that it will need a connected, unified, and motivated group of people to help it grow and advance. Yele Bademosi, a founding partner at Microtraction, said, “As a fund and community, we look forward to continuing to innovate on Africa’s innovation infrastructure with our members. 

With an option for a rapid top-up of up to US$350,000, the fund will write the first checks for US$100,000 for 7% of early-stage African startups in various sectors and locations of Africa, as long as Microtraction does not make up more than 25% of the company’s subsequent official fundraising round.

Through this community fund, 20 investments have been made thus far.

 

Read more on Tech Gist Africa:

G42, an AI company based in the UAE, has launched a $10 billion technology growth fund

Omnibiz, a retail technology startup based in Nigeria, has raised $15 million in a pre-Series A round of funding

iProcure, a Kenyan agritech startup, raises $10,2 million in Series B funding

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