Microtraction
Microtraction is an early-stage investment firm located in Lagos, Nigeria. The company was founded to enable access to pre-seed funding for innovative African technology entrepreneurs. The firm has a broad network of leaders and a recognized community of investors who contribute to the development and growth of startups.
Microtraction was founded by Yele Bademosi in 2017 to help startups scale through the process of raising an institutional round of funding from seed-stage investors. Since founding, the company has invested in more than 10 startups, including their first non-Nigerian startup – Ghana’s Bit Sika in December 2019.
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Microtraction strongly believes that the long term evolution of sustainable socio-economic development in Africa will be driven by exceptional African entrepreneurs and technology innovators, hence the mission to increase Africa’s economic growth by contributing to the development of early startups through their various investment options. Microtraction supports emerging entrepreneurs who have leveraged technology, capital, and creative innovations to solve some of Africa’s largest challenges.
To achieve this, the firm operates across four major developmental stages: identifying early-stage, growth-driven technology businesses in billion-dollar markets via an open application, assigning teams to work closely with startups in order to provide pre-seed funding alongside professional and advisory services, helping startups manage the process of raising funds from seed-stage investors and assisting startups to a substantial stage where they are recognized and trusted enough to raise an institutional round of funding from VCs or join globally recognized accelerators like Y Combinator, 500 Startups or TechStars. Additionally, startups get network capital which includes access to potential hires, customers, business partners, top operators/executives, and follow-on investors.
Microtraction is not limited to a particular industry but considers startups from all sector once the standard investment criteria have been met. Being founder-friendly ensures that their investments are channelled first to the individuals concerned. The company considers the quality of the founding team before making investment decisions, in order to bring in exceptional and ambitious founders who are persistent, hardworking, focused, relentless and passionate about bringing a global change.
Startups on the company’s portfolio include CowryWise, BuyCoins, Allpro Technologies, Wallets Africa, Evolve Credit, Plenty Waka, Chaka, Festival Coins, Gradely and more. They also partner with organisations like Smile Identity, The Longe Practice and Golborne Road Advisory to help execute their mission.