What is Microtraction?
Microtraction is a special platform helps with investing for startups during their early stages. The toughest times that startups face are their initial stages where they are making little profit as they are not well known and are barely able to keep up their job processes and manufacturing if they don’t have any investors.
The platform is designed to help startups over their first couple stages of building themselves up. To start them up, they will offer around $15,000 USD for only a 7.5% equity stake. After that, they will follow up with $50,000 USD convertible note at a $1 million valuation cap. The second investment will depend on your potential and current success as a company.
Who founded Microtraction?
The platform was founded by the former country manager of Starta, Yele Bademosi. He was elected as vice president earlier in his life for the KCL African & Caribbean Society which is one of the largest societies at his former college, King’s College. Other than attending King’s College, he also attended Lansdowne College and Christ Ambassadors International College. He is now the managing partner for NewCo.
What does Yele Bademosi hope to achieve in the future?
Through Microtraction, Yele hopes to aid at least 1,000 startups per year. With the growing number of startups. There is a huge lack currently in financial support to help invest with the overflowing amount of brilliant and innovative ideas booming across Africa. Microtraction hopes to help solve this major problem and in turn, promote and strengthen the economy of Africa.
The platform will work hand in hand with companies to not only provide early investments, but also advisory services to help them continue to grow. The platform conveniently considers that no project or entrepreneur is too early to receive the help that Microtraction offers.
Bademosi makes it clear that he supports competent founders of business startups that have a lot of conviction. It would be pointless after all to help a company that lacks the drive to help themselves. As a business owner, you should be ready to face the world and show the drive needed to succeed.