Nigerian climate-tech startup Earthbond, which simplifies access to clean, affordable energy for African SMEs, has secured funding from Madica, a structured investment programme designed for pre-seed stage startups in Africa, to boost its financing capacity.
Founded in 2023 by Chidalu Onyenso, Earthbond is tackling Nigeria’s US$14 billion off-grid generator market by leveraging group financing and carbon accounting to reduce costs and risks in the energy transition.
The startup enables businesses to go solar through access to embedded solar finance and a marketplace of accredited solar installers and suppliers. Since launch, it has completed audits for more than 100 qualified customers in Lagos, representing a potential pipeline of US$1 million in solar projects, while more than 1,800 Nigerian SMBs have also expressed interest by joining the waitlist, highlighting the gap and product-market fit.
Having already secured capital from Catalyst Fund and taken part in the eighth cohort of the Google for Startups Accelerator Africa programme, Earthbond has now secured US$200,000 in funding from Madica, and will also participate in Madica’s comprehensive investment programme, which includes 18 months of dedicated company-building support.
Launched in 2022 and affiliated with fintech-focused VC firm Flourish Ventures, Madica is a sector-agnostic investment programme designed to address structural gaps in Africa’s startup ecosystem. The programme tackles key challenges such as limited access to capital, a scarcity of investors, insufficient mentorship, and the lack of structured support necessary for startups to resolve critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.
Earthbond, which becomes Madica’s fourth portfolio company after it backed its first three startups earlier this year, will use the capital to boost its financing capacity, enabling US$10 million in targeted loan originations over the next three years. The funds will also enhance sales and marketing efforts and develop innovative maintenance and payment tools to enhance the customer experience. Additionally, EarthBond plans to create a unique revenue stream by offering discounts based on carbon credits, incentivising businesses to join the programme.
“This is a pivotal moment for Earthbond, and a powerful endorsement of our mission. We’re really excited to be joining the Madica portfolio family. Leading the charge of energy transition is no easy feat and we are glad to be joined by renowned investors who share our passion and drive. We look forward to the doors this support opens and also to a greener and cleaner future,” Onyenso said.
Emmanuel Adegboye, head of Madica, said he was excited to be investing in Earthbond as it tackles some of today’s biggest climate challenges.
“We won’t be able to continue the advancements of the African tech ecosystem without addressing power, and we are impressed by the team at Earthbond, their vision, and the technology that provides an affordable and eco-friendly solution. Earthbond has tremendous potential to drive an equitable clean energy future and positively impact our region,” he said.
“Investing in Earthbond reaffirms our mission to demonstrate that exceptional founders and products exist beyond the usual homogeneous groups, and we remain devoted in our quest to support underrepresented founders and fuel the growth of pioneering startups across underserved African regions.”
