MAGIC Fund, A Venture Capital Firm, Raises $30 Million To Support Early-stage Startups Globally
MAGIC Fund raises $30 million to support early-stage startups globally
MAGIC Fund, an early-stage venture capital firm, announced the launch of a $30 million Fund II to scale its global founders-backing-founders initiative.
This raise, announced on Tuesday, July 6, 2021, will provide funding between $100,000 and $300,000 to early-stage startups globally, across all sectors. Fintech, healthcare, Software as a Service (SaaS) and enterprise, women's health, and developer tools will be the firm's primary focus areas.
MAGIC Fund's support for these startups, however, will go beyond financial support. Additionally, the venture firm seeks to connect them with experienced and knowledgeable partners.
According to a Medium post by the firm, "we guide clients through the rigorous discovery of product-market fit, facilitate introductions, and assist with regional expansion, strategy, marketing, fundraising, and hiring."
Since its inception in 2017, MAGIC Fund claims to have invested in 70 startups, including Mono, a Nigerian API fintech; Bamboo, an investment fintech; and Eden Life, a home management company.
According to TechCrunch, the firm's $1.5 million Fund I generated a 5x return over a three-year period. When their companies exited, several of these founders joined MAGIC Fund as partners in this raise.
A third of the fund was contributed by the firm's founding general partners (GPs), and the remainder by the firm's limited partners (LPs).
For Fund II, new partners include Thomas Chen of Stitchroom, Adeel Yang of Medumo, and Michael Lisovetsky and Troy Osinoff of Juice, who will manage North American investments collectively.
Temi Marcella Awogboro, a Kauffman Fellow, will oversee investments in Africa, while Dimeji Sofowora and Alison Cheung of Helium Health will oversee European investments. Hendra Kwik of Payfazz and Elvis Zhang of Oxy2 will lead the Southeast Asia investments.
In conclusion
In addition, MAGIC Fund has established a cohort dedicated to investing in women-founded businesses, led by Alison Cheung and Tito Ovia.
According to Adegoke Olubusi, the fund's managing partner, "the vision for MAGIC is to return to the roots of early-stage venture capital, which is founders investing in and supporting other founders." We're going to continue scaling this up as much as possible across geographies and industries, and we're extremely grateful for the head start we've already achieved.”
At the moment, the firm is accepting pitches from entrepreneurs via its website. Olubusi described what MAGIC Fund looks for in an interview with TechCrunch as two indicators: founders with the grit to persevere through difficult times and those who are willing and open to learning and applying that knowledge to succeed.
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