Nigerian-based early-stage investment platform Microtraction has invested in Nigerian fintech startup Accounteer.
This is the 6th startup Microtraction has invested in.
While Microtraction did not reveal the terms of the deal, the platform notes on the home page of its website that it ordinarily invests $65 000 in two stages.
It states that the 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.
Other startups the early-stage investment platform has invested in include:
1 Cowrywise – a personal finance platform.
2 Buycoinsafrica – facilitates the Buying and Selling of Bitcoin, Ethereum and Litecoin in Nigeria
3 Thewalletng – enables people to make and accept payments with just the aid of their phone number
4 Allpro – facilitates the free flow of finance and data in the school ecosystem.
5 ThankUCash – rewards users with instant cash back