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Nigeria’s Microtraction launches Scout Initiative to search for more deals
Lagos-based early-stage investment platform Microtraction has launched a bid to source more deals and identify “high-trajectory” founders.
It follows the announcement yesterday by Microtraction of the launch of its Microtraction Scout Initiative in a post on Medium on Sunday (7 July).
Through the initiative Microtraction added that it also wanted to “bolster, strengthen and further improve” its value-add to its portfolio companies in key areas as it looks to increase its reach and awareness across Africa.
Applications for the Microtraction Scout Initiative will be open for a month, with submissions open to individuals from across the continent
Mictrotraction was founded in 2017 by Yele Bademosi. So far its backed up to nine startups. These include Wallet.ng, CoweyWise, Allpro, BuyCoins, Thankucash, Accounteer, Riby, StackDx and Sendbox.
The platform’s first investment is usually about $15 000 in exchange for a 7.5% equity stake. This is then followed by an additional $50 000 convertible note at a $1-million valuation cap in companies that show “significant progress” after Microtraction’s initial investment.
In its statement, Microtraction also pointed out that all of the companies on its portfolio have secured follow-on funding from top investors around the world within 12 months of it investing in them.
Microtraction is calling on venture-backed founders, tech ecosystem experts, tech community leaders, investors and tech enthusiasts from around the continent to apply to join initiative. Applications, it said, will remain open for a month.
It pointed out that it is particularly looking for people with experiences in the fields of software engineering, product design and branding, startup operations, community building, journalism and public relations, as well as growth hacking.
Microtraction Scouts, the platform said, are ideally people who:
- Have a genuine interest in Microtraction
- Agree, understand and are willing to support Microtraction’s goal, mission and thesis
- Are people friendly, supportive, humble and empathetic
- Have a great eye for spotting high trajectory individuals and high growth companies
- Are well connected and have a deep understanding of their local community or market
Those selected to join the initiative stand to benefit from direct exposure and access to Microtraction’s network of investors, founders, advisers, operators and business partners.
Microtraction Scouts, the platform explained, will also stand to benefit from an opportunity to learn more about angel investing and tap speaking opportunities at events, while gaining publicity through Microtraction’s various channels.
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