VC firm, MAGIC Fund raises $30m to Support early-stage Startups
MAGIC Fund, an early-stage venture firm, has announced it raise $30m Fund to scale its global founders-backing-founders initiative. The firm intends to use the fund in supporting early-stage startups across all sectors, providing funds between $100k and $300k with focus on Fintech, Healthcare and Software as a Service (SaaS) startups. MAGIC Fund will also provide supported startups with partners that have experience and expertise.
New partners included in the funding round include Stitchroom’s Thomas Chen, Medumo’s Adeel Yang, Juice’s Michael Lisovetsky & Troy Osinoff, who will collectively manage North American investments.
Its Africa-focused investments will be overseen by Kauffman Fellow Temi Marcella Awogboro, while Helium Health’s Dimeji Sofowora and Alison Cheung handle European assets. Southeast Asia investments will be led by Payfazz’s Hendra Kwik and Oxy2’s Elvis Zhang.
According to a post by the firm, it provides guidance in the rigorous discovery of product-market fit, facilitate introductions, and support with expansion into new regions, strategy, marketing, fundraising, and hiring.
Adegoke Olubusi, Managing Partner of the fund speaking on the funding expressed joy and said the firm will keep scaling into new geographies.
“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.”
The firm is currently accepting pitches from early-stage founders looking to learn and succeed in business.