- Based in 2022, Madica supplies funding funding of as much as $200,000.
- Nigeria-based Earthbond simplifies entry to wash, reasonably priced power for African SMEs.
- Earthbond will achieve from government teaching alternatives, and entry to Madica’s international community of traders for follow-on funding.
Madica, an funding program tailor-made for pre-seed stage startups in Africa, is channeling funding in Earthbond, a local weather tech startup unlocking reasonably priced, dependable photo voltaic power for Nigerian SMEs.
Following the funding, Earthbond will take part in funding program which incorporates 18 months of devoted mentorship assist.
“We’re excited to be investing on this distinctive startup because it tackles a few of in the present day’s greatest local weather challenges. We received’t have the ability to proceed the developments of the African tech ecosystem with out addressing energy, and we’re impressed by the group at Earthbond, their imaginative and prescient, and the know-how that gives an reasonably priced and eco-friendly resolution. Earthbond has large potential to drive an equitable clear power future and positively impression our area,” defined Emmanuel Adegboye, Head of Madica.
Launched two years in the past and affiliated with Flourish Ventures, a world Fintech enterprise capital agency, Madica supplies funding funding of as much as $200,000.
Madica is respected for hands-on mentorship
It is usually recognized to supply assist to portfolio corporations by personalised startup curriculum, hands-on mentorship, and fully-funded week-long founder immersion journeys.
“Investing in Earthbond reaffirms our mission to display that distinctive founders and merchandise exist past the standard homogeneous teams, and we stay devoted in our quest to assist underrepresented founders and gas the expansion of pioneering startups throughout underserved African areas,” added Adegboye.
The chosen startups additionally stand to achieve government teaching alternatives, and entry to Madica’s international community of traders for follow-on funding-all designed to spur progress and make sure the long-term viability of the startups.
Based in 2023 by Chidalu Onyenso, a Havard educated product supervisor, Earthbond is tackling Nigeria’s $14 billion off-grid generator market by leveraging group financing and carbon accounting to cut back prices and dangers within the power transition.
Official statistics present that between 2017 and 2023, Nigeria’s grid collapsed 46 instances, forcing about 86 per cent of corporations to change on pricey and polluting fossil-fuel turbines. This transfer price companies over $29 billion yearly.
Solar energy a extra sustainable possibility for companies
Internationally, solar energy provides a less expensive and extra sustainable various, however excessive set up prices deter small and medium companies (SMBs) from its adoption particularly in Nigeria.
To deal with this problem, Earthbond permits companies to go photo voltaic by entry to embedded photo voltaic finance and a market of accredited photo voltaic installers and suppliers.
Since launch, Earthbond has accomplished audits for greater than 100 certified clients in Lagos, representing a possible pipeline of $1 million in photo voltaic initiatives.
Greater than 1,800 Nigerian SMBs have additionally expressed curiosity by becoming a member of the waitlist, highlighting the hole and product-market match. The rising startup has established partnerships with 4 native business and microfinance banks to facilitate loans for SMEs in search of to transition to solar energy.
Madica’s funding will assist drive Earthbond’s bold progress by boosting its financing capability, enabling $10 million in focused mortgage originations by 2027.
The funds may also improve gross sales and advertising and marketing efforts and develop revolutionary upkeep and fee instruments to boost the shopper expertise.
Moreover, EarthBond plans to create a novel income stream by providing reductions based mostly on carbon credit whereas incentivising companies to affix this system.
Chidalu Onyenso, Earthbond CEO, famous: “This can be a pivotal second for Earthbond, and a strong endorsement of our mission. We’re actually excited to be becoming a member of the Madica portfolio household. Main the cost of power transition isn’t any simple feat and we’re glad to be joined by famend traders who share our ardour and drive. We stay up for the doorways this assist opens and likewise to a greener and cleaner future”
Earthbond not too long ago joined fellow Madica portfolio corporations Kola Market, GoBEBA, and Newform Meals and mentors on an immersive journey to London, showcasing Madica’s dedication to founder progress.
Learn additionally: July financing for startups in Africa hits document $420M as debt funding grows
Workshops on funding readiness
This fully-funded, week-long initiative, approaching the again of the earlier journey to South Africa was designed to immerse founders within the UK entrepreneurial ecosystem, opening up funding and partnership alternatives throughout the Afro-European corridors.
Founders engaged in expert-led classes, networked with potential traders and stakeholders, and took part in deep-dive workshops on funding readiness, organizational tradition, and group constructing.
As a part of the rigorously curated itinerary, the group additionally participated in numerous tech startup occasions and Africa and Diaspora-focused actions, together with Africa Ignite x London Africa Community, Africa Tech Summit London Version, London Startup Ecosystem Mixer by Hoaq and Wimbart, amongst others.
