First close for Microtraction early-stage VC fund

Microtraction, an early-stage venture capital firm that invests in African tech entrepreneurs at the pre-seed stage, announced a $15 million first close of its second fund.

Founded by Yele Bademosi and Kwamena Afful in 2017, with initial backing from PAVE Investments, Michael Seibel, Andy Volk, and Chris Shultz, Microtraction has invested in 36 companies in Nigeria, Ghana, Kenya and Rwanda.

“This year marks the fifth anniversary of Microtraction and over the past few years, we’ve been fortunate enough to witness and contribute to the growth of the African tech ecosystem. We are grateful to have partnered with some of the most innovative, mission-driven founders solving some of the continent’s most pressing challenges,” says Kwamena Afful, founding partner at Microtraction.

Microtraction Community Limited, the new fund’s entity name, will write first cheques of $100,000 for a 7% stake in early-stage African companies, with an option for a top-up of up to $350,000.

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