Microtraction, a Venture Capital firm focusing on investing in African startups, has raised $15 million in the first close of its second fund, Microtraction Community Limited.
- The VC intends to deploy $100,000 into early-stage African startups and up to $350,000 each as follow-on funding.
- The funding will be deployed to 60 startups across fintech, healthtech, SaaS, edtech, crypto, gaming, and mobility among others.
- It is also setting up a web3 space where social tokens will be shared with members who contribute to funds and funders. Asides from investing in the startups, Microtraction is creating a community of founders and business makers to enable support and networking for African startups.
- The VC portfolio includes Cowrywise, Wallet.ng, BuyCoins, Schoolable, Thankucash, 54gene, Accounteer, and Sendbox among others.
- Its first fund invested in 19 startups in Nigeria, Ghana, Kenya, and Rwanda and has invested in 20 startups with the second fund.