Madica Invests in Earthbond to Power Nigerian SMEs with Affordable Solar Energy
Madica, an Africa-focused pre-seed investment program, has made a strategic investment in Earthbond, a Nigerian climate tech startup focused on providing affordable solar energy solutions to small and medium-sized enterprises (SMEs). This funding will allow Earthbond to enhance its operations and bridge the clean energy gap for businesses across Nigeria.
Founded in 2023 by Chidalu Onyenso, an MBA graduate from Harvard and experienced product manager, Earthbond simplifies access to clean energy through its integrated marketplace, connecting SMEs to solar finance options and certified installers. This approach helps businesses overcome the high upfront costs associated with solar power, enabling them to spread installation expenses over time while gaining access to vetted solar suppliers.
Scaling Operations and New Revenue Streams
With Madica’s backing, Earthbond plans to enable $10 million in targeted loans over the next three years to support SMEs transitioning to solar energy. The startup will also expand its sales and marketing efforts, introduce new maintenance tools, and improve its payment options to enhance customer experience.
Additionally, Earthbond aims to offer carbon credit discounts, creating an innovative revenue stream while incentivizing businesses to adopt solar energy solutions.
Addressing Nigeria’s $14 Billion Off-Grid Generator Market
Nigeria’s off-grid generator market, worth an estimated $14 billion, burdens SMEs with high energy costs and harmful carbon emissions. Earthbond provides a sustainable, cost-effective alternative through solar energy, offering SMEs a pathway to lower operating costs while reducing environmental impact.
To date, Earthbond has audited over 100 customers in Lagos, representing a potential $1 million in solar projects, and established partnerships with four banks to facilitate loans for SMEs. With over 1,800 SMEs on its waitlist, the demand for affordable solar energy is clear.
Madica’s Investment and Mission
Madica’s investment aligns with its mission to support underrepresented African founders and empower innovative startups tackling critical challenges. Launched in 2022 and affiliated with Flourish Ventures, a global fintech venture capital firm, Madica offers early-stage startups up to $200,000 in funding, along with 18 months of mentorship, immersion trips, and access to a global network of investors.
Madica’s Head, Emmanuel Adegboye, expressed confidence in Earthbond’s potential: “Earthbond is tackling critical climate challenges with innovative solutions. We believe this investment will significantly impact Africa’s clean energy future.”
By partnering with Madica, Earthbond will gain the resources needed to grow and scale, positioning itself as a leader in the energy transition for Nigerian SMEs.
Earthbond’s Vision for the Future
Onyenso, Founder and CEO of Earthbond, sees this investment as a turning point: “This is a pivotal moment for Earthbond, and we’re excited to join the Madica family. With this support, we’re ready to lead the energy transition for Nigeria’s SMEs.”
With frequent grid failures costing Nigerian businesses over $29 billion annually, Earthbond’s solar energy solutions offer a sustainable, affordable alternative for SMEs looking to reduce costs and transition to renewable energy.
