Madica, a structured investment program designed for pre-seed stage startups in Africa, recently announced its investment in Earthbond, a climate tech startup focused on delivering affordable, reliable solar energy for Nigerian SMEs through an integrated clean energy marketplace. This Madica investment in Earthbond is set to accelerate renewable energy adoption among small and medium-sized enterprises in Nigeria.
Following the investment, Earthbond will join Madica’s comprehensive 18-month investment program, which includes hands-on mentorship, dedicated company-building support, and growth opportunities designed to ensure long-term viability. Through this support, Earthbond aims to enhance its capacity to provide solar financing and resources to Nigerian businesses.
Support for Clean Energy Solutions
Madica, launched in 2022 and affiliated with Flourish Ventures, a global fintech-focused venture capital firm, offers startups up to $200,000 in funding. With personalized startup curriculum, fully funded founder immersion trips, and access to a network of global investors, Madica investment in Earthbond is part of a broader strategy to spur innovation and address pressing energy needs in Africa.
Earthbond’s Impact on Nigeria’s Energy Market
Founded by Chidalu Onyenso, a seasoned product manager and MBA graduate from Harvard, Earthbond addresses Nigeria’s massive $14 billion off-grid generator market. Leveraging group financing and carbon accounting, the startup reduces costs and risks in the energy transition for Nigerian businesses. Solar energy presents a sustainable alternative to fossil-fuel generators, but high setup costs often limit adoption. Earthbond bridges this gap by offering financing solutions and connecting SMBs to certified solar installers and suppliers.
To date, Earthbond has audited over 100 businesses in Lagos, yielding a pipeline of solar projects worth $1 million, with 1,800 Nigerian SMBs on its waitlist. Additionally, Earthbond has partnered with four local commercial and microfinance banks to make solar financing accessible for businesses.
Growth Prospects Through Madica’s Support
This Madica investment in Earthbond will support Earthbond’s growth plans, enabling $10 million in targeted loan originations over the next three years. The funding will boost sales, enhance marketing efforts, and allow Earthbond to develop new maintenance and payment tools for a seamless customer experience. Earthbond also plans to offer discounts through carbon credits, encouraging businesses to transition to cleaner energy.
Chidalu Onyenso, Earthbond CEO, stated, “Joining the Madica portfolio marks a pivotal step in our mission to lead Nigeria’s energy transition. We’re excited to partner with investors who share our vision for a greener future.”
A Shared Vision for Africa’s Energy Future
Emmanuel Adegboye, Head of Madica, said, “Madica investment in Earthbond exemplifies our commitment to addressing critical challenges in Africa’s tech and energy sectors. Earthbond’s approach to affordable, eco-friendly energy solutions aligns perfectly with our mission to support underrepresented founders and advance African innovation.”
Earthbond recently joined Madica’s other portfolio companies, including Kola Market and GoBEBA, for an immersive trip to London. This fully-funded program enabled founders to network, participate in workshops, and explore investment opportunities, reaffirming Madica’s dedication to growth across underserved African regions.
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