Microtraction

Microtraction Limited is a venture capital firm based in Lagos, Nigeria, specializing in early-stage investments in technology startups. Founded in 2017, the firm targets companies across various sectors, with a focus on software and fintech. Microtraction typically begins its investment with $25,000 for a 7% equity stake, followed by a $50,000 convertible note at a $1 million valuation cap for startups that demonstrate significant progress. The firm aims to support exceptional technical founders in Africa, guiding them to develop their ventures into sustainable companies capable of attracting further investment or joining esteemed accelerators. By connecting these startups with later-stage investors, Microtraction plays a crucial role in navigating the funding landscape for emerging businesses.

Kwamena Afful

Founder and Partner

Dayo Koleowo

Managing Partner

Andy Volk

Partner

Past deals in Africa

Pade HCM

Pre Seed Round in 2023
Pade HCM is a comprehensive software solution aimed at helping businesses of all sizes automate their human resource processes. The platform is designed to assist African companies in various aspects of recruitment, including hiring, onboarding, and payroll management. Pade HCM streamlines information management, compliance, performance tracking, and disciplinary procedures, allowing businesses to reduce repetitive tasks and enhance collaboration in people management. By offering these features, Pade HCM enables organizations to operate more efficiently and effectively in managing their workforce.

Tembo

Pre Seed Round in 2023
Tembo is a Fintech company specializing in payment solutions across Africa for businesses. Its platform offers secure APIs for features like identity verification, local and cross-border payments, account management, enabling neobanks and fintechs to manage complex financial operations with a single integration.

Zuberi

Pre Seed Round in 2023
Zuberi is a financial platform focused on enhancing the financial well-being of employees in Africa by providing innovative payroll solutions. The company offers a salary streaming feature that allows workers to access a portion of their wages daily, promoting financial flexibility and convenience. Employers can integrate Zuberi's services to efficiently manage payroll, ensuring timely and accurate payments. By streamlining payroll processes and enabling early wage access, Zuberi aims to support the workforce and improve overall financial health through a modern approach to money management.

FoodCourt

Pre Seed Round in 2022
FoodCourt is an on-demand food delivery application that provides users with access to a selection of top food delivery brands and shops. The platform is designed to enhance convenience by allowing customers to order meals and drinks directly to their doorsteps. By utilizing virtual restaurants and dark stores, FoodCourt aims to make quality food and essential convenience goods accessible across Africa. The application focuses on popular food and convenience categories, curating a diverse range of options for its users.

Norebase

Pre Seed Round in 2022
Norebase is a company that facilitates business operations in Africa by leveraging technology to simplify the complexities of the market. It specializes in providing intellectual property services that enable businesses to scale across the continent. Norebase offers a streamlined process for setting up and registering trademarks, allowing clients to efficiently upload necessary documentation and obtain a registered company along with a tax identification number. This approach reduces the hassle and risks associated with doing business in Africa, supporting clients in building and expanding their enterprises globally.

Pivo

Venture Round in 2022
Pivo is a financial platform designed to democratize access to financial services for small and medium-sized businesses across Africa. By providing a comprehensive suite of tools tailored for the supply chain sector, Pivo enables clients to efficiently access various financial services from a single hub. This approach fosters a more streamlined and effective means for businesses to engage with borderless financial solutions, ultimately enhancing their operational capabilities and growth potential.

ORDA

Pre Seed Round in 2022
ORDA is a cloud-based restaurant operating system built for African chefs and food business owners. ORDA's ePos, integrations, and lending solutions enable Africa’s millions of food business owners to scale and grow their business. The company was founded in 2020 and is based in Lagos, Nigeria.

Hadi.

Pre Seed Round in 2022
Hadi. facilitates inventory financing for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, aiming to simplify financial transactions and services.

HoneyCoin

Pre Seed Round in 2021
HoneyCoin is a cryptographic payment and monetization platform that facilitates instant peer-to-peer transactions and enables users to send and receive payments across networks. The platform also connects creators with consumers, particularly in Africa, helping creators monetize their content, reach audiences, and earn and withdraw earnings from their talent.

Pivo

Pre Seed Round in 2021
Pivo is a financial platform designed to democratize access to financial services for small and medium-sized businesses across Africa. By providing a comprehensive suite of tools tailored for the supply chain sector, Pivo enables clients to efficiently access various financial services from a single hub. This approach fosters a more streamlined and effective means for businesses to engage with borderless financial solutions, ultimately enhancing their operational capabilities and growth potential.

Treepz

Seed Round in 2021
Treepz is a technology-driven transportation company focused on enhancing mobility across Africa. Founded in 2019 and headquartered in Ontario, Canada, Treepz operates in Nigeria, Ghana, Uganda, and Kenya, providing users with a reliable and comfortable commuting experience. Its application allows users to book trips for daily, inter-city, or corporate travel at the tap of a button. The platform offers features such as vehicle assistants, licensed drivers, and e-wallet payments, ensuring that users can book and pay for fast and convenient trips in real-time. Through its innovative approach, Treepz aims to create a safer and more efficient transportation system for commuters in the region.

Gamr

Seed Round in 2021
Gamr is an online subscription platform dedicated to enhancing the gaming experience for players and tournament organizers in Africa. It provides a space for gamers to interact and engage with one another while facilitating the hosting of competitive eSports events. The platform leverages artificial intelligence and real-time performance data to offer coaching services to players, thus improving their skills and competitiveness. Gamr's mission is to advance gaming culture and eSports on the continent by building robust infrastructure that supports both aspiring professional players and tournament organizers.

ORDA

Pre Seed Round in 2021
ORDA is a cloud-based restaurant operating system built for African chefs and food business owners. ORDA's ePos, integrations, and lending solutions enable Africa’s millions of food business owners to scale and grow their business. The company was founded in 2020 and is based in Lagos, Nigeria.

ORDA

Seed Round in 2021
ORDA is a cloud-based restaurant operating system built for African chefs and food business owners. ORDA's ePos, integrations, and lending solutions enable Africa’s millions of food business owners to scale and grow their business. The company was founded in 2020 and is based in Lagos, Nigeria.

Gbedu

Pre Seed Round in 2021
Gbedu is a music discovery and streaming service focused on showcasing Africa's rich musical heritage. It provides a platform for young and upcoming artists to gain exposure and earn revenue through streaming their music. Gbedu aims to create Africa's first open music ecosystem by connecting users to the largest catalog of free localized content. The service emphasizes user engagement through features such as playlist creation, offline access, and radio integration, allowing for unique music experiences tailored to individual locales. Gbedu is accessible to all users at no cost, ensuring that every content owner is compensated for their work, thereby fostering a vibrant community of artists and listeners.

Evolve Credit

Seed Round in 2020
Evolve Credit is a Nigerian fintech company founded in 2020, headquartered in Lagos. It operates an online platform that empowers consumers to explore, compare, and apply for various loan products tailored to different needs, including personal loans, SME loans, and options for salary earners and the unemployed. The platform provides expert reviews, ratings, and comparisons based on price, interest rates, and other terms. Additionally, Evolve Credit offers a Software as a Service (SaaS) core banking platform that enables financial institutions to streamline, digitize, and manage deposit, lending, and recovery services efficiently. This platform includes no-code tools designed to offer personalized customer banking experiences both online and offline.

Treepz

Pre Seed Round in 2020
Treepz is a technology-driven transportation company focused on enhancing mobility across Africa. Founded in 2019 and headquartered in Ontario, Canada, Treepz operates in Nigeria, Ghana, Uganda, and Kenya, providing users with a reliable and comfortable commuting experience. Its application allows users to book trips for daily, inter-city, or corporate travel at the tap of a button. The platform offers features such as vehicle assistants, licensed drivers, and e-wallet payments, ensuring that users can book and pay for fast and convenient trips in real-time. Through its innovative approach, Treepz aims to create a safer and more efficient transportation system for commuters in the region.

Evolve Credit

Pre Seed Round in 2020
Evolve Credit is a Nigerian fintech company founded in 2020, headquartered in Lagos. It operates an online platform that empowers consumers to explore, compare, and apply for various loan products tailored to different needs, including personal loans, SME loans, and options for salary earners and the unemployed. The platform provides expert reviews, ratings, and comparisons based on price, interest rates, and other terms. Additionally, Evolve Credit offers a Software as a Service (SaaS) core banking platform that enables financial institutions to streamline, digitize, and manage deposit, lending, and recovery services efficiently. This platform includes no-code tools designed to offer personalized customer banking experiences both online and offline.

Prospa

Seed Round in 2020
Prospa is a technology company focused on supporting African entrepreneurs and small businesses through its banking application. This application enables business owners to open and manage business accounts, providing them with an account number in the company's name. Prospa's platform facilitates various financial transactions, including sending and receiving transfers, creating invoices, and establishing sub-accounts. By addressing common financial challenges faced by small businesses, Prospa aims to enhance productivity and streamline operations for its users.

Chaka Technologies

Pre Seed Round in 2019
Chaka Technologies operates an online investment platform that enables African individuals and businesses to trade and invest in global capital markets. Its compliant platform offers access to over 3000 assets across 40 countries, including the US, China, and the UK.

tix.africa

Seed Round in 2019
tix.africa is a self-service ticketing platform aimed at event creators, providing tools to streamline the event management process. The platform allows users to create and sell tickets online, manage admissions through mobile applications, and facilitate payments from attendees using RFID wristbands for offline transactions. By offering these features, tix.africa enables event organizers to enhance guest experiences while reducing operational costs and maximizing revenue potential. Additionally, the platform allows users to gather detailed data on event attendees, contributing to improved event planning and execution.

Bitsika

Seed Round in 2019
Bitsika is a payment application aimed at facilitating instant money transfers for users across Africa and beyond. The platform allows individuals to receive funds from anyone globally without incurring fees. Designed for ease of use, users can sign up through their Google or Apple accounts and create a unique username that begins with a dollar sign. In addition to enabling social payments, Bitsika functions as a digital wallet, offering features such as virtual card creation and the ability to trade bitcoins. This comprehensive approach simplifies the process of sending and spending money, making it accessible for a wide range of users.

Bitsika

Convertible Note in 2019
Bitsika is a payment application aimed at facilitating instant money transfers for users across Africa and beyond. The platform allows individuals to receive funds from anyone globally without incurring fees. Designed for ease of use, users can sign up through their Google or Apple accounts and create a unique username that begins with a dollar sign. In addition to enabling social payments, Bitsika functions as a digital wallet, offering features such as virtual card creation and the ability to trade bitcoins. This comprehensive approach simplifies the process of sending and spending money, making it accessible for a wide range of users.

Termii

Seed Round in 2019
Termii is a Lagos-based company founded in 2014 that provides a cross-channel messaging and customer engagement platform tailored for African businesses. The platform facilitates communication with customers through SMS, email, voice, and instant messaging, enabling teams to secure repeat customers via personalized outreach. In addition to messaging services, Termii offers a suite of business applications that address various needs such as digital branding, sales, marketing, customer relationship management, eCommerce, accounting, inventory, and project management. This comprehensive approach allows clients to enhance their business operations and improve customer engagement across multiple channels.

54gene

Seed Round in 2019
54gene is a biotechnology company founded in 2019 and headquartered in San Francisco, California, with additional offices in Lagos, Nigeria. The company focuses on unlocking the potential of the African genome to enhance genetic research and development, addressing a significant gap in the global genomics market where a majority of genetic data is derived from individuals of Caucasian descent. By developing a pan-African biobank, 54gene aims to identify new drug targets and create diagnostics and treatments for various diseases, including cancer, cardiovascular conditions, and neurodegenerative disorders. In addition to its research initiatives, the company offers genetic testing and molecular diagnostics services to patients and healthcare providers, ensuring compliance with international data privacy laws. Through its efforts, 54gene seeks to contribute to the discovery of medical advancements that can benefit diverse populations.

Sendbox

Seed Round in 2019
Sendbox is a platform that facilitates e-commerce on social media platforms like Instagram, Facebook, and WhatsApp. It offers infrastructure for shipping, secure escrow payments, and merchant discovery services to businesses and customers across North America, Europe, and Africa.

Riby

Seed Round in 2018
Riby is a fintech company based in Lagos, Nigeria. It offers a digital platform that enables cooperatives, associations, micro businesses, and individuals to create, manage bank or mobile money accounts, and access financial services.

Accounteer

Seed Round in 2018
Accounteer is a cloud accounting platform designed specifically for small and medium-sized enterprises (SMEs) across Africa. The platform allows business owners to easily create invoices, track expenses, and manage their finances effectively. Accounteer integrates with various external services, including banks, e-invoicing platforms, and e-commerce systems, facilitating seamless financial management. Additionally, the company offers features such as online invoicing, bank reconciliation, comprehensive reporting, and digital document storage. To enhance user proficiency, Accounteer provides a free training program for staff, empowering them to fully utilize the platform’s functionalities. This approach enables SMEs to collaborate in real-time, save time, and gain valuable financial insights, ultimately helping them take control of their financial operations.

Buycoins

Pre Seed Round in 2018
BuyCoins is a cryptocurrency service provider based in Lagos, Nigeria, enabling users to buy, sell, receive, send, and store various cryptocurrencies, including Bitcoin, Ethereum, and USDC. The company aims to simplify cryptocurrency transactions for Africans, promoting the seamless transfer of value across the continent and beyond. Through its mobile application, BuyCoins offers a user-friendly platform that enhances accessibility to digital currencies in a rapidly evolving financial landscape.

CowryWise

Angel Round in 2018
CowryWise is a FinTech company based in Lagos, Nigeria, that provides a personal finance platform aimed at automating savings and investments for users across the country. The platform allows users to automatically transfer funds from their bank accounts into CowryWise accounts on a daily, weekly, or monthly basis. These savings are then invested in risk-free instruments such as treasury bills and government bonds, earning interest daily. CowryWise focuses on democratizing access to premium financial services by offering them at low rates, thereby enhancing financial inclusion. Through technology and investment management, the company delivers wealth management and financial planning services, along with free wealth advisory and consumer education, enabling customers to achieve their financial goals in a secure and straightforward manner.
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