(Ecofin Agency) - MAGIC Fund, an early-stage venture capital fund created by founders for founders, is announcing a $30 million investment for its second fund to continue backing early-stage startups.

“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,” said Adegoke Olubusi, managing partner of MAGIC Fund, and Helium Health’s CEO. 

Debuted since 2017, the global collective of founders that backs other founders has so far made four investments out of which the most recent was in Nigeria this year. According to statistics from the Crunchbase, MAGIC Fund invested undisclosed amounts of seed rounds in Nigerian-based Bongalow, and Star Kitchens Group in March and May respectively.

MAGIC Fund has the vision to keep scaling up founders investing in other founders and supporting them throughout. In this direction, the fund established and raised two funds. Fund I has invested in 70 companies - including the likes of Mono (Nigerian-based fintech), Retool, Novo, and Payfazz- mostly in pre-seed and seed stages. For its second fund, more than half of the entire fund was contributed by founders typically to invest in companies founded by women across the globe. Also, MAGIC Fund II will be writing checks between $100,000 and $300,000 in early-stage companies across different sectors with a focus on startups that build infrastructure and deliver quality customer experience in emerging markets.

Solange Che