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MAGIC Fund is an early-stage venture capital fund founded in 2017 and based in the United States. The fund was established to support founders by other founders, emphasizing a unique investment model that leverages the expertise of its founder-GPs. Currently, MAGIC Fund manages a total of $30 million across its second fund, which targets early-stage companies globally.
The organization has grown to a team of 24 members, including 17 partners, 1 venture partner, and 2 principals, distributed across the US, UK, and several other countries. This diverse team structure allows MAGIC Fund to tap into local deal flow and founder networks, enhancing its ability to identify promising startups.
MAGIC Fund has made over 162 investments, focusing on sectors such as healthcare, consumer services, and SaaS. Notable milestones include backing successful companies like Retool, Mono, and Surf, which have achieved significant exits. The fund's commitment to a high volume of investments enables it to maintain a diverse portfolio while supporting entrepreneurs in various regions, including North America, Africa, Latin America, and Southeast Asia.
The investment strategy of MAGIC Fund centers on early-stage companies, primarily at the pre-seed and seed stages. The fund invests between $50,000 and $500,000, with a strong emphasis on maintaining a diverse portfolio across multiple sectors. Key sectors of interest include healthcare, consumer services, and SaaS, reflecting the fund's commitment to backing innovative solutions that can scale globally.
MAGIC Fund's core thesis, 'founders backing founders,' highlights its focus on supporting entrepreneurs with firsthand experience in building companies. This approach not only fosters collaboration among founders but also enhances the chances of success for portfolio companies. The fund's distributed model of founder-GPs allows for localized insights and mentorship, which is crucial for navigating the complexities of early-stage investments.
Geographically, MAGIC Fund targets investments in North America, Africa, Latin America, and Southeast Asia, ensuring a broad reach in emerging markets. The fund's strategy is designed to support a high volume of investments, allowing it to identify and nurture a diverse range of startups across various industries.
MAGIC Fund has built a diverse portfolio of 162 companies, showcasing its commitment to early-stage investments across various sectors. Notable portfolio companies include:
Naval Ravikant: Founder of MAGIC Fund, Naval has a background in technology and entrepreneurship, known for his insights into startup ecosystems.
Adegoke Olubusi: Managing Partner, Adegoke has extensive experience in venture capital and has led multiple successful investments across various sectors.
Matt Greenleaf: Operating Partner, Matt specializes in operational efficiency and has a strong track record in scaling startups.
Thomas Chen: GP, North America, Thomas is the founder of Stitchroom and focuses on investments in technology and consumer sectors.
Adeel Yang: GP, North America, Adeel co-founded Medumo and brings expertise in healthcare technology investments.
Michael Lisovetsky: GP, North America, Michael is a co-founder of Juice and has a strong background in fintech.
Troy Osinoff: GP, North America, Troy is also a co-founder of Juice and focuses on consumer technology investments.
Temi Marcella Awogboro: GP, Africa, Temi has a deep understanding of the African market and focuses on investments in emerging technologies.
Dimeji Sofowora: GP, Europe, Dimeji has experience in healthcare and technology investments across Europe.
Alison Cheung: GP, Europe, Alison specializes in consumer and retail investments.
Hendra Kwik: GP, Southeast Asia, Hendra is the founder of Payfazz and focuses on fintech investments in the region.
Elvis Zhang: GP, Southeast Asia, Elvis is a co-founder of Oxy2 and has expertise in technology investments.
To pitch to MAGIC Fund, founders should visit their website at magic.fund for detailed instructions. The fund prefers pitches that include a clear overview of the business model, market opportunity, and team background. Founders should be prepared to provide a concise deck that outlines their vision and strategy.
MAGIC Fund values warm introductions, so leveraging connections within the founder community can enhance the chances of a successful pitch. Response times may vary, but founders can expect to hear back within a few weeks after submission.
In March 2025, MAGIC Fund led a $1 million Series A investment in Mosie Baby, alongside 37 Angels, marking a significant addition to its portfolio.
Recent investments include Juicyway and Klasha, reflecting the fund's active deployment strategy and commitment to supporting innovative early-stage companies.
As of December 2024, MAGIC Fund has made over 110 investments since the launch of Fund II in 2021, demonstrating a rapid pace of investment activity.
Notable exits from the portfolio include Retool, Mono, and Surf, showcasing the fund's ability to identify and support high-potential startups.
What are MAGIC Fund's investment criteria?
MAGIC Fund primarily invests in early-stage companies at the pre-seed and seed stages, focusing on sectors such as healthcare, consumer services, and SaaS. The fund typically invests between $50,000 and $500,000.
How can I apply or pitch to MAGIC Fund?
Founders interested in pitching to MAGIC Fund can visit their website at magic.fund for more information on the application process.
What makes MAGIC Fund different from other venture capital firms?
The unique aspect of MAGIC Fund is its model of 'founders backing founders,' where experienced entrepreneurs serve as GPs, providing mentorship and insights to portfolio companies. This approach enhances the support available to startups.
What is the geographic scope of MAGIC Fund's investments?
MAGIC Fund invests globally, with a focus on North America, Africa, Latin America, and Southeast Asia, allowing them to tap into diverse markets and opportunities.
What is MAGIC Fund's post-investment involvement like?
MAGIC Fund actively engages with its portfolio companies, leveraging the expertise of its founder-GPs to provide mentorship, strategic guidance, and access to valuable resources.
What is the size of MAGIC Fund's current fund?
MAGIC Fund currently manages a total of $30 million in its second fund, which was raised in 2021.
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