In the 4th episode of Invest In The Future, Olabinjo Adeniran, our co-founder and Growth Partner spoke to Yele Bademosi, founder of social cryptocurrency app Bundle Africa and founding partner of Africa-focused early-stage VC firm, Microtraction.
Invest In The Future is our live podcast series where we learn from prolific investors and founders who have invested in and built some of Africa and the world’s most impactful technology companies.
Listen to the full conversation with Yele below. Subscribe to Invest In the Future wherever you listen to podcasts here.
Here’s what we learnt from Yele:
The importance of networking in a non-traditional way
1.There is more to networking than just going to events and meeting people. Be open to building long-lasting relationships while at it.
2.The non-traditional way of networking (e.g. sending a Twitter DM) has opened doors for many, including Yele.
3.Don’t hesitate to reach out to professionals online to admire their work or create a time to bounce ideas over coffee or lunch.
4.In building long-lasting career relationships through networking, the exchange of knowledge is very important.
5.Long-lasting relationships strive when both parties benefit from it.
Founding Micrtotraction to invest in companies
1.Not having a background in investments shouldn’t stop you from exploring the venture capture ecosystem.
2.For Yele, the idea of starting a venture capital firm birthed from his interest in investing and working with entrepreneurs.
3.In collaboration with people in his network, Yele was able to put funds together, and within a year, they started investing in African startups.
4.The core idea of Microtraction is to find good companies and founders before other investors.
5.More importantly, the fund is proving that they can continuously support startup founders with more than funding.
Using social to scale cryptocurrency
1.Cryptocurrencies massive popularity in countries ‘where the official fiat currency is less reliable’. With increasing inflation and an unstable currency, Nigeria is one of the top countries on this list, and startups like Bundle Africa are making it easier to trade and use cryptocurrencies.
2.“For me, the idea that we could build a completely separate economic and financial system that wasn’t dependent on legacy infrastructure was something I couldn’t not focus on.” Yele shares.
3.Africa doesn’t have many blockchain and cryptocurrency projects, but the continent is building infrastructures, which is a good start.
4.With this, Yele believes that there should be more programmes to teach people how to be blockchain developers.
5.Bundle Africa has never really been about building a crypto trading or exchange product. It’s more of a vehicle through mass adoption of cryptocurrency or crypto-asset that happens on the continent and Bundle wants to build a product with mass adoption potential.
6.While crypto solves many problems, Bundle Africa is looking to make cryptocurrency easy to use by the average person.
7.Bundle’s current product iteration is Bundle Core – a wallet and exchange interface to more between different cryptocurrency assets.
How then is Bundle Africa building for the future of cryptocurrency in Africa? “Essentially, a lot of the stuff we are doing now is going to be heavy on the social side… because I believe that social is what’s going to scale crypto,” Yele says.
Listen to the entire conversation with Yele below. Find Invest In the Future wherever you listen to podcasts here.