Microtraction

Microtraction is a Lagos-based pre-seed venture capital firm founded in 2017 by Yele Bademosi (who dropped out of medical school at King's College London to build tech companies, later served as Director of Binance Labs, and founded Bundle, a social payments app) and Kwamena Afful. The firm was built on a deliberate rejection of the accelerator model: no batches, no programmes, no demo days. Instead, Microtraction writes a standardised $100K cheque for 7% equity (with optional top-up to $350K) and provides tailored support through its network rather than a one-size-fits-all curriculum.

Fund I backed 19 companies across four countries over three years, reaching a combined portfolio valuation of $540 million+, with 14 portfolio companies entering global accelerators and 18 raising follow-on funding. Fund II (Microtraction Community Limited) hit its $15 million first close in 2023 anchored by PAVE Investments ($1.5 million commitment), with an LP base that includes 30+ venture-backed founders (Shola Akinlade of Paystack, Ire Aderinokun of Helicarrier, Razaq Ahmed of Cowrywise) and prominent global VCs (Micky Malka of Ribbit Capital, Elizabeth Yin of Hustle Fund, Michael Seibel of Y Combinator). Across both funds, the firm has invested in 70+ companies and 83+ founders, with portfolio companies raising $100 million+ in follow-on funding, reaching a combined valuation of $760 million+, and creating 900+ jobs. 37% of invested companies have female co-founders.

The portfolio includes some of Africa's fastest-growing startups: Bumpa (social commerce), Lemfi (cross-border payments), Rise (wealth management, acquired Chaka), Termii (communications API), Sendbox (fulfilment logistics), Orda (restaurant tech), PaidHR (payroll), Vesti (immigration tech), and Foodcourt (food delivery).