MINNEAPOLIS, Feb. 9, 2021 /PRNewswire/ — Traction Capital is excited to announce its first investment of Focus Fund I in Kwikly. The fund has invested $250,000 in the Minneapolis based company whose platform provides on-demand staffing for dental professionals.
Kwikly was founded in 2017 by Pedram Nastaean and Yomiyu Hirpa. The company offers a mobile platform that connects dental hygienists seeking temporary employment with dental offices facing staffing shortages. Kwikly has achieved impressive growth and Traction Capital foresees increasingly aggressive growth as it expands into new markets.
Operating under the mission of helping entrepreneurs in the Upper Midwest grow, Traction Capital is very excited to be investing in a Minnesota company that also has two minority founders.
“Not only do we think Kwikly is poised for significant growth,” said Shane Erickson, managing partner at Traction Capital. “But we see real value in showcasing racial diversity in our portfolio. Now is as good a time as ever to invest in entrepreneurs of diverse backgrounds, especially in local businesses.”
Traction Capital is an entrepreneur-ran fund based in Wayzata, Minnesota. It is directed by Managing Partner Shane Erickson, who also oversees Focus Fund I. Erickson is an experienced entrepreneur with notable successes as an angel investor including investments with exits in Mentormate and Ultralox. He is also the former CEO and co-founder of IMC. He has a passion for mentoring entrepreneurs and building businesses. He founded Traction Capital to help both entrepreneurs and investors get what they want for the greater good.
“Shane has provided invaluable hands-on guidance and mentorship as we’ve navigated the successes and challenges of growing a young startup,” said Pedram Nastaean. “We’re excited that this relationship has resulted in Traction Capital becoming our capital partner as we look forward to reaching many more milestones.”
Erickson is supported by his advisory committee including Matt Meents (formerly of Magnet360), Wade Burgess (formerly of Ultralox), Andrew Duneman (founder of Bulkreefsupply.com) and Jeff Fritz (former CEO of Revel, founder of Insite Software & Evolution1).
About Traction Capital
Traction Capital is a Minnesota based hybrid private equity and venture capital firm dedicated to investing in and acquiring early stage and lower middle market companies that are stuck in the “capital gap”. Its Focus Funds target high potential businesses with a focus on companies based in Minnesota.
Learn more about Traction Capital at www.tractioncapital.com.
SOURCE Traction Capital