MAGIC Fund, a seed-stage venture capital fund, has launched a $30 million Fund II raise to expand its global founders-backing-founders initiative.
MAGIC Fund is a global network of founders that supports other founders that are tackling difficult problems.
It has invested in 70 companies since its inception in 2017, including Mono, a Nigerian fintech startup.
With funds ranging from $100,000 to $300,000, the new funding will support early-stage entrepreneurs globally, across all industries.
Fintech, healthcare, Software as a Service (SaaS) and enterprise, women’s health, and developer tools will be the firm’s focus.
MAGIC Fund’s founder GPs contributed one-third of the total fund for Fund II, while LPs include Michael Seibel of Y Combinator, Tim Draper of Ace & Company, Andres Bilbao of Rappi, Kirsten Connell of Octopus Ventures, Shola Akinlade of Paystack, Gbenga Agboola of Flutterwave, and Katie Lewis of Y Combinator, among others.
The MAGIC Fund, on the other hand, will provide more than just financial assistance to these entrepreneurs. The venture firm also hopes to connect them with experienced and knowledgeable partners.
“The objective for MAGIC is to return to the roots of early-stage venture capital, which is entrepreneurs investing in and supporting other founders.
Adegoke Olubusi, managing partner of MAGIC Fund and CEO of Helium Health, said, “We’re going to keep growing this up as much as we can, across various locations and industries, and we’re extremely happy with the headstart we already have.”
The MAGIC Fund, on the other hand, will provide more than just financial assistance to these startups. The venture firm also hopes to connect them with experienced and knowledgeable partners.