MAGIC Fund raises US$30m to scale its global founders-backing-founders vision

AFRICA – MAGIC Fund, a global collective of founders, has announced it has raised a US$30 million second fund 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, it has invested in 70 companies, including Nigerian fintech startup Mono. For Fund II, one-third of the entire fund was contributed by MAGIC Fund’s founder GPs, while LPs include Y Combinator’s Michael Seibel, Tim Draper, Ace & Company, Rappi’s Andres Bilbao, Octopus Ventures’ Kirsten Connell, Paystack’s Shola…

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