Microtraction is launching a second multi-sector vehicle after its first investment fund. This one will no longer be limited to four countries as before, but it will expand to the whole of Africa while putting a particular emphasis on start-ups in the pre-seed phase.

Nigerian venture capital firm Microtraction invests in pre-seed and early-stage technology companies. It recently announced a first closing of the $15 million purchase of its second investment fund, Microtraction Community Limited.

Multisectorial aims to make at least 60 investments in start-ups on the African continent. In future rounds of fundraising, approximately 20% of the targeted companies will receive follow-on funding. One of Microtraction's co-founders, Kwamena Afful, said, "In our five years of existence, we have witnessed and contributed to the growth of the African technology ecosystem. We have partnered with some of the most innovative entrepreneurs to solve some of the continent's most pressing challenges [...] We have consistently invested in companies on the continent and will continue to do so, despite market conditions."