Madica, an investment program focused on African pre-seed startups, has announced its investment in Earthbond, a Nigerian climate tech startup providing affordable solar energy solutions to small and medium-sized enterprises (SMEs). Earthbond will now benefit from Madica’s 18-month company-building support program, which offers up to $200,000 in funding, mentorship, and access to a global network of investors.
Founded in 2023 by Ms. Chidalu Onyenso, Earthbond addresses Nigeria’s costly and polluting generator market by offering SMEs access to solar energy through an integrated clean energy marketplace. With Nigeria’s electricity grid collapsing 46 times between 2017 and 2023, about 86% of businesses rely on expensive, fossil-fuel generators, costing over $29 billion annually.
Earthbond’s solution allows businesses to switch to solar by providing embedded financing options and connecting them with accredited solar installers. Since its launch, Earthbond has completed audits for over 100 potential customers in Lagos, representing a pipeline of $1 million in solar projects, and more than 1,800 Nigerian SMBs have expressed interest in joining the platform.
Through partnerships with local banks, Earthbond facilitates loans for businesses looking to transition to solar. Madica’s investment will boost Earthbond’s financing capacity, with a target of enabling $10 million in loan originations over the next three years. The funds will also support sales, marketing, and the development of maintenance and payment tools to improve the customer experience.
Additionally, Earthbond plans to offer discounts based on carbon credits, incentivizing businesses to adopt solar energy and join the platform.
Ms. Onyenso, Earthbond’s CEO, expressed her excitement about the partnership: “This is a pivotal moment for Earthbond, and a powerful endorsement of our mission. We are thrilled to join the Madica portfolio and look forward to the support that will help us drive a cleaner and greener future.”
Mr. Emmanuel Adegboye, Head of Madica, emphasized the importance of addressing Africa’s energy challenges: “We are excited to invest in Earthbond, which is tackling some of today’s biggest climate challenges. Their vision aligns with our mission to support underrepresented founders and fuel pioneering startups across Africa.”
Madica’s investment in Earthbond reinforces its commitment to nurturing startups with the potential to drive sustainable growth in Africa’s tech and energy ecosystems.
