Nigerian based technology investment company, Microtraction, has changed its terms of engagement. They will now be offering $25,000 for 7% of your company. This new deal replaces its previous deal of $15k for 7.5% with an additional $50k convertible note at $1m valuation cap in companies that show significant progress.
According to the company,
“We believe our financial investment is a small part of the benefits of being a Microtraction portfolio company. But we also understand that startup costs have increased over the years with a maturing African market. In order for companies we invest in to stay focused on building their product without having to worry about fundraising soon, we thought it best to increase our investment by $10k.
Our core goal from day one has always been to be the most accessible and preferred source of pre-seed funding for remarkable African tech entrepreneurs. Though minor, we strongly believe that this change in our standard deal is important in helping us achieve that goal as we continue to expand across Africa.”
The company currently has investments in Festival Coins, a Nigerian event organisation and ticketing startup, SendBox, Riby, Wallet.Ng, Cowrywise amongst others. It invested in its first non-Nigerian startup, Bit Sika, in December 2019.
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