MAGIC Fund, a global collective of founders, today announced it has raised a $ 30 million Fund II to continue supporting early stage startups.

MAGIC Fund is a global collective of founders who support other founders by solving daunting challenges. Since our beginnings in 2017, we have made our way as strategic partners and invested in 70 companies through Fund I. Some of the companies that we have supported since their pre-seed and start-up include: Novobank, which has just recently started. raise a $ 40.7 million Series A, Payfazz raised a $ 53 million Series B last July, Frubana raised $ 65 million in Series B financing in June, Mono which raised $ 2.6 million in seed funding in May and Retool was rated at almost a billion dollars.

We have continuously implemented our thesis that “smaller funds managed by various founders perform better in early stage investments”. With a proven track record and broad vision, we are launching our $ 30 million Fund II to support even more start-ups.

For Fund II, a third of the entire fund was contributed by our founding GPs. Our LPs also share this unique vision and approach to supporting start-ups. Reflecting MAGIC’s DNA of equity and inclusion, over half of our LPs are black and over a third are women. Some of them include: Y Combinator’s Michel seibel, Tim draper, Ace & Company, Rappi’s Andres Bilbao, Octopus Ventures’ Kirsten connell, Payroll of Shola Akinlade, Flutterwave Gbenga Agboola, and Katie lewis, among others.

The founders support the founders

Experienced founders turned investors are redefining early stage venture capital as we know it. This is due to the fact “Founders want to know that the people they make money from have first-hand experience”Naval ravikant, AngelList.

Founders go through the daily and trying process of building a startup and we can’t think of anyone better to support them than those who have followed the same path.

Similar to AngelList’s spearhead, the Founder-Support-Founder model ensures that startups receive capital from helpful advisors, and it also compensates founding investors for their advice.

The soul of MAGIC

As founders, we often have the best access to transactions at an early stage, but sometimes we lack the personal capital to invest. This is why it was imperative to build an infrastructure that allows us to invest and support other founders.
We are a team of experienced founders who hope to sprinkle our magic around the world. All of our partners have built and operated leading businesses across the globe. Each partner is able to deliver value by leveraging their unique experience and network.

In addition, MAGIC’s partners are dispersed geographically and industrially. We believe there are amazing entrepreneurs who are defining the future, across the world, and we want to support them. As such, we invest in all regions and sectors with specific partners focused on emerging markets. Our Africa-focused investments will be overseen by Kauffman Fellow Temi Marcella Awogboro, while Helium Health Dimeji Sofowora and Alison cheung supervise European investments. Investments in Southeast Asia will be led by Payfazz Hendra Kwik and Oxy2 Elvis Zhang.

Support beyond capital

When MAGIC supports a startup, our commitment goes beyond our control. Our intentional approach is to match companies with partners who have experience and expertise in that startup’s industry. Being supported by MAGIC means you are supported by a team of founding partners and LPs, providing you with the advice you need to grow your business.

“MAGIC is among our top 5 Most Valuable Investors and has been instrumental in accelerating our growth from the start, through strategic introductions and marketing expertise. I would highly recommend them to any startup ”. One of our portfolio founders said this about our approach.

The reach of our collective network increases the value we give to our founders. We provide advice in the rigorous discovery of product-market fit, facilitate introductions and support expansion into new regions, strategy, marketing, fundraising and hiring. To ensure that we are delivering maximum value to our portfolio companies, we have a dedicated back office team; composed of Francois Sani, Olufunmilola Soewu, Jesse ovia, and led internally by the Operating Partner, Matte green leaf.

We improve vision

“MAGIC’s vision goes back to how early stage venture capital started out, which is that founders invest in other founders and support them along their journey. We will continue to expand this as much as possible, in different geographies and industries, and we are very happy with the lead we already have.Adegoke Olubusi, Managing Partner and CEO of Helium Health.

For Fund II, we called on more stellar partners. They include Tom Chen from Stitchroom, Medumo Adeel Yang, Juice Michel Lisovetsky & Troy osinoff who will collectively manage North American investments. Joining the team is also Jacob Cohen and Hendra Kwik from Payfazz. We have also created a cohort specifically to invest in businesses founded by women around the world, led by Alison cheung and Tito Ovia.

MAGIC Fund II will write checks between $ 100,000 and $ 300,000 to start-up companies in different industries and geographies. We focus on startups that build infrastructure while delivering a quality customer experience, especially in emerging markets. We are already accepting pitches from founders via our website, and are very happy to bring money and magic their way!

About the MAGIC Fund

Founded in 2017, MAGIC Fund is a start-up fund based on the thesis that smaller funds managed by various founders perform best during start-up investments (pre-seed / seed). We are a fund of micro-funds managed by regular founders who have solid expertise in specific sectors and geographies, with a particular focus on FinTech, healthcare and emerging markets (Africa, LATAM, South Asia -Is).

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