Magic Fund

MAGIC Fund started in 2017 when a group of founder-investors met at Y Combinator's Demo Day and realised they could do more by pooling capital and expertise than by writing isolated angel cheques. Adegoke Olubusi -- who co-founded and ran Helium Health (YC S17) -- led the effort, and the first fund closed at $1.5 million. That small Fund I returned 5x over three years, which earned the team the credibility to raise a $30 million Fund II in mid-2021.

The fund describes itself as "founders backing founders," and that is not just branding. The general partners are active or recently exited operators -- people who have built companies across Africa, Southeast Asia, Europe, and the Americas. One-third of Fund II capital came from the GPs themselves, and 50% of the LPs identify as Black, with 33% identifying as women. The model means portfolio founders get advice from people who have recently navigated the same problems they face, from product-market fit through hiring and regulatory headaches in emerging markets.

MAGIC has invested in 250+ startups to date, with notable names including Mono (financial data APIs, Nigeria), Bamboo (investment access, Nigeria), Retool (valued near $1 billion), and Juicyway (payments processing over $1.3 billion in volume connecting Africa to global markets). The fund's geographic spread -- with dedicated GPs covering Africa, Europe, Southeast Asia, and the Americas -- gives it a genuine cross-border network, which is especially useful for African founders building companies that need to bridge local and international markets.

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