MAGIC fund collects $30m for sophomore fund

MAGIC Fund has raised $30 million for its second fund. The fund will back early-stage startups.

PRESS RELEASE

LOS ANGELES, CA / ACCESSWIRE / July 7, 2021 / MAGIC Fund, a global collective, today announced that it has raised a $30 Million Fund II to continue backing early-stage startups.

MAGIC Fund is a global collective of founders that backs other founders solving daunting challenges. Since debuting in 2017, they have invested in 70 companies through Fund I.
MAGIC’s partners have built and operated leading companies, dispersed geographically and industrially. As such, they invest across all regions and sectors with specific General partners focusing on emerging markets.

MAGIC provides guidance in the rigorous discovery of product-market fit, facilitates introductions, and provides support with expansion into new regions, strategy, fundraising, and hiring.

“MAGIC’s vision is premised on founders investing in other founders and supporting them through the journey. We will keep scaling this up as much as we can, across different geographies and industries” – Adegoke Olubusi, Managing Partner.

For Fund II, MAGIC brought some more stellar General partners on board who will collectively manage North American investments. They also created a cohort to invest specifically in companies founded by women.

MAGIC Fund II will write checks between $100K and $300K in early-stage companies, with a keen focus on startups that build infrastructure while delivering a quality customer experience, especially in emerging markets. They are already accepting pitches from founders through their website, and are very excited to spread their money and magic around the globe!

For further information please visit: https://www.magic.fund/.

About MAGIC Fund
Founded in 2017, MAGIC Fund is an early-stage fund built on the thesis that smaller funds run by diverse founders perform the best at early-stage investing (pre-seed/seed).
A fund of micro-funds run by repeat founders who possess strong expertise in specific industries and geographies, with a keen focus on fintech, healthcare, and emerging markets (Africa, LATAM, SE Asia).