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Venture Capital Company – MAGIC Fund – Raises US$30m to Support Early-Stage Startups

2 Mins read

Early-stage venture firm, MAGIC Fund, has announced a $30 million Fund II raise.

The Venture Capital (VC) company would use the fund raised to continue backing early-stage startups across Africa, Europe, Latin America, North America, and Southeast Asia, regardless of the sector.

The early-stage startups would be getting funding worth between $100,000 and $300,000. The firm’s focus will be on fintech, healthcare, Software-as-a-Service (SaaS) and enterprise, women’s health, and developer tools.

Aside financial support, MAGIC Fund also aims to support early-stage startups with partners that have experience and expertise.

We provide guidance in the rigorous discovery of product-market fit, facilitate introductions, and support with expansion into new regions, strategy, marketing, fundraising, and hiring,” MAGIC Fund said via a medium post.

Adegoke Olubusi, Managing Partner of the fund, also reiterated the company’s vision:

“The vision for MAGIC is going back to how early-stage venture capital began, which is, founders investing in other founders and supporting them through the journey. We’re going to keep scaling this up as much as we can, across different geographies and industries, and we’re very happy for the headstart we already have.”

MAGIC Funds, since its launch in 2017, has invested in 70 companies at pre-seed and seed stages. The companies invested in by MAGIC Fund are spread across emerging markets like Nigerian API fintech, Mono, Bamboo, as well as Eden Life – a home management company.

The VC company has 12 founders who act as general partners (GP). The GPs contributed a third of the funds raised during MAGIC Fund’s $1.5 million Fund I raise, while the rest was contributed by its limited partners (LPs).

Read also: Nigerian Fintech Startup – Payhippo – Raises US$1m in Pre-seed Funding Round

According to TechCrunch, the firm’s $1.5 million Fund I performed well with a 5x return over three years.

The Fund II fundraise ushered in new partners, including Stitchroom’s Thomas Chen, Medumo’s Adeel Yang, Juice’s Michael Lisovetsky & Troy Osinoff. These partners will collectively manage the company’s North American investments.

MAGIC Funds’s Africa-focused investments will be overseen by Kauffman Fellow, Temi Marcella Awogboro, while Helium Health’s Dimeji Sofowora and Alison Cheung will handle European assets.

Southeast Asia investments will be managed by Payfazz’s Hendra Kwik and Oxy2’s Elvis Zhang.

The VC firm has also created a cohort specifically to invest in companies founded by women, led by Alison Cheung and Tito Ovia.

MAGIC Fund is currently accepting pitches from founders through its website.

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