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MAGIC Fund Announces $30M Funding Raise To Continue Supporting Global Early-Stage Startups

Founders-turned-investors make for a great pipeline of funding deals to help power early-stage startups, and today MAGIC Fund is proving just how much it’s paying off. MAGIC Fund — a global collective of founders — has announced the raise of a second fund of $30 million to continue its mission of backing early-stage startups around the world in places like Africa, Europe, Latin America, North America, and Southeast Asia, TechCrunch reports. Since launching its first fund back in 2017, the firm has had the opportunity to invest in 70 companies at pre-seed and seed stages across the above emerging markets, and now their goal is expanding to reach more startups. In speaking with TechCrunch, managing partner Adegoke Olubusi and operating partner Matt Greenleaf shared how MAGIC Fund is opening up opportunities for founders who are now angel investors to invest in and support companies beyond their local markets. According to them, working together with a collective of founders helps them...

Jul 6, 2021