MAGIC Fund raises $30m to scale its global founders-backing-founders vision
MAGIC Fund announced that it has raised a $30 million Fund II to continue backing early-stage startups.
MAGIC Fund is a fund of micro-funds run by repeat founders who possess strong expertise in specific industries and geographies, with a keen focus on fintech, healthcare and emerging markets (Africa, LATAM, SE Asia).
MAGIC is a global collective of founders that backs other founders solving daunting challenges. Since debuting in 2017, they have invested in 70 companies through Fund I.
MAGIC’s partners have built and operated leading companies, dispersed geographically and industrially. As such, they invest across all regions and sectors with specific general partners focusing on emerging markets.
MAGIC provides guidance in the rigorous discovery of product-market fit, facilitates introductions, and provides support with expansion into new regions, strategy, fundraising, and hiring.
”MAGIC’s vision is premised on founders investing in other founders and supporting them through the journey. We will keep scaling this up as much as we can, across different geographies and industries,” said Adegoke Olubusi, managing partner.
For Fund II, MAGIC brought some more general partners on board who will collectively manage North American investments. They also created a cohort to invest specifically in companies founded by women.
MAGIC Fund II will write cheques of between $100,000 and $300,000 in early-stage companies, with a focus on startups that build infrastructure while delivering a quality customer experience, especially in emerging markets.
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