Nigerian VC Fund, Microtraction, has released its 2020 investment report, which shows that the company made investments in 21 companies with 45 founders in total in various industry verticals including crypto.
According to the report, the company got an additional 7 companies into its portfolio investment list in 2020 after having reviewed over 600 companies.
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Below is a breakdown of its investments in 2020:
- Announced 4 investments – Gradely, Chaka, Evolve Credit, Plentywaka
- Invested in 7 companies
- 4 of its portfolio companies got into global accelerators – YCombinator, 500 Startups, Google for Startups Accelerator
- Raised over $23 million for its portfolio companies – up from about $6 million in 2019
- 33% of the 21 invested companies are women-led
- Total combined Microtraction companies valuation is now over $147 million
Some of the popular crypto companies under the Microtraction funding umbrella include:
Microtraction was founded by Yele Bademosi, a well known figure and respected personality in the African blockchain and crypto space. He is also the Founder and CEO of Bundle Africa, one of the fastest growing crypto startups on the African continent.
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About Microtraction
Microtraction is a Nigerian-based VC Fund that invests in Africa’s teams with technical founders at their earliest stages of their venture.
The company identifies the best early-stage, growth driven technology startups and works closely with them by providing pre-seed funding, professional, and advisory services.
They also help grow startups and get them to a point where they raise more funding or join a global accelerator while also introducing them to later stage investors while helping them navigate the process of raising more funding.
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RECOMMENDED READING: International VC Fund Takes a Scale Up Stake in South Africa’s CentBee, a Bitcoin SV-Only Wallet, After Raising £1 Million
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