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Nigerian VC Firm, Microtraction Launches New Startup ‘Scouting Initiative’

Nigerian early-stage VC firm Microtraction has launched its Scout Initiative, which it says will help it discover more deals and identify high-trajectory individuals building the next big thing on the continent.

Founded in 2017, Microtraction invests up to US$65,000 in startups at the very earliest stage of their development. The company has backed nine Nigerian startups so far, namely Accounteer, Riby, Thank U Cash, CowryWise, Bitkoin Africa, Wallet.ng, Allpro, Stack Dx and Sendbox.

Recognising that early-stage teams need much more than funding, Microtraction is now building a human potential engine. One of the initiatives it is launching is the Microtraction Scout Initiative, which it hopes will strengthen its value-add to its portfolio companies in key areas.

A Microtraction Scout is a venture-backed founder, tech ecosystem expert, tech community leader, seasoned operator, investor or tech enthusiast who has a genuine interest in Microtraction, is willing to support the company’s mission and thesis, has a great eye for spotting high-trajectory individuals and high-growth companies, and is well connected in their local market.

In return for identifying potential deals for Microtraction, scouts will gain direct exposure and access to the firm’s network of investors, founders, advisors, operators and business partners, and carry interest in deals shared and made. Applications are open here for the next month.

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