MAGIC Fund, a global collective established by founders to support fellow founders in overcoming business challenges, has officially announced a successful $30 Million Fund II raise. This new fund is earmarked to significantly expand its efforts in backing early-stage startups across various sectors and geographies. A substantial portion, specifically one-third of the fund, was contributed by its Global Partners, who are deeply aligned with MAGIC Fund's distinctive vision and methodology for nurturing nascent companies.

Since its inception in 2017, MAGIC Fund has meticulously built a robust network of strategic partners and, through its initial funding rounds, has already invested in 70 companies. Drawing parallels to successful models like AngelList’s Spearhead, MAGIC Fund's 'founders-backing-founders' approach ensures that startups not only receive crucial capital but also benefit from the invaluable advice of experienced advisors. This model also includes compensation for the investing founders for their guidance and mentorship.

With a proven track record and an ambitious, expanded vision, MAGIC Fund is poised to leverage its new capital to support even more early-stage enterprises. The fund plans to issue checks ranging from $100,000 to $300,000 to early-stage companies. A particular emphasis will be placed on startups that focus on building essential infrastructure while concurrently delivering exceptional customer experiences, especially within dynamic emerging markets. The fund has already begun accepting pitches from founders via its website, expressing eagerness to inject both capital and 'magic' into these ventures.

A core tenet of MAGIC Fund's operations is its unique commitment to equity and inclusion. More than half of the founders associated with the fund are Black, and a third are Women, reflecting a diverse geographical and industrial dispersion among its team. Notable strategic partners and investing founders include industry luminaries such as Y Combinator’s Michael Seibel, venture capitalist Tim Draper, Ace & Company, Rappi’s Andres Bilbao, Octopus Ventures’ Kirsten Connell, Paystack’s Shola Akinlade, Flutterwave’s Gbenga Agboola, and Katie Lewis, among others.

MAGIC Fund's portfolio from its pre-seed and seed stages includes several success stories. These include Novobank, a streamlined business banking platform that recently secured a $40.7 million Series A, Payfazz, an Indonesian fintech startup that raised $53 million, Frubana, and Mono, a Nigerian fintech startup which raised $2.6 million. The fund's structure is strategically designed to align with its mission: to enable founders, who often have privileged access to early-stage deals but may lack personal capital, to invest in and support other founders. This foundational principle was imperative in constructing an infrastructure that facilitates such investments.

To enhance operational efficiency and ensure maximal value delivery to its portfolio companies, MAGIC Fund has established a dedicated back office team. This team comprises Francis Sani, Olufunmilola Soewu, and Jesse Ovia, and is internally led by Operating Partner Matt Greenleaf. Adegoke Olubusi, Managing Partner at MAGIC Fund and CEO of Helium Health, expressed profound excitement regarding the fund's achievements to date. He articulated that the vision for MAGIC Fund harks back to the origins of early-stage venture capital, where founders inherently invested in and supported their peers throughout their entrepreneurial journeys. Olubusi affirmed the commitment to scaling this model extensively across diverse geographies and industries, expressing satisfaction with the significant head start they have already achieved.