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MAGIC Fund raises $30 million to fund startups in emerging markets

The Fund raised $30 million to continue backing early-stage startups across Africa, Latin America, and Southeast Asia.
MAGIC Fund raises $30 million to fund startups in emerging markets

MAGIC Fund, a global collective of founders, which has backed African startups such as Mono, Bamboo, Voyance, and Eden, says it has raised a $30 million fund to continue backing early-stage startups across Africa, Latin America, and Southeast Asia.

MAGIC Fund II will be writing checks between $100,000 and $300,000 in early-stage companies across different sectors and geographies. Since its debut in 2017, the fund has invested in 70 companies through its Fund I, including US-based Novobank, Indonesia's Payfazz, Colombia's Frubana, Nigeria's Mono, and US-based Retool.