In the past few months, Microtraction has invested in these startups CowryWise, Thank U Cash and Bitkoin Africa. The early-stage investment platform is at it again and it has announced another undisclosed investment in Accounteer. We wonder why all their investments are UNDISCLOSED. That is by the way.
Accounteer has developed online accounting software specifically designed for SMEs and catering to the specific needs of African businesses. Its mobile companion app allows businesses to continue operations when they are offline, while it is also building add-on services for African entrepreneurs which will ultimately help businesses have easier access to credit.
Excited to announce our investment in @Accounteer, an online accounting software for SMBs. @NateKorl shared why we made this investment below and looking forward to @MerijnCampsteyn and team execute on digitizing financial books of SMBs across Africa.https://t.co/EKRMk6SCml
— Yele ‘夜雷’ Bademosi 💸 (@YeleBademosi) October 8, 2018
The startup, which previously raised funding from Ventures Platform, has had a strong year already, winning US$50,000 at the MEST Africa Challenge and being accepted onto the Itanna accelerator in Lagos, and it has now secured funding from Microtraction.
“At Microtraction, we believe in startups showing some level of traction either by acquiring users or generating some revenue,” said investment associate Dayo Koleowo.
“Accounteer showed significant traction at the time we invested. They were serving over 2,500 businesses with users across several countries. They were growing at a 10 per cent rate MoM and were generating approximately US$10,000 monthly in revenue. We believed, in that instance, they were on the right track and they could only grow from that point and become an exceptional company. We believe that Accounteer is yet to scratch the surface as there are millions of SMEs across Africa who still need basic accounting solutions to keep their financial books up to date in other to access credit from banks and other financiers.”
