On Tuesday, October 22, Madica, an investment program focused on Africa, announced its investment in Earthbond, a Nigerian climate tech startup dedicated to providing affordable solar energy solutions for small and medium-sized enterprises (SMEs).
Earthbond makes it easier for businesses to access reliable clean energy through its integrated marketplace, which connects them with solar financing and certified installers. This investment will help Earthbond expand its operations and enhance its offerings, closing the clean energy gap for Nigerian SMEs.
The startup plans to facilitate $10 million in targeted loans over the next three years, improve sales and marketing, and introduce new maintenance and payment tools to enhance the customer experience. They also aim to offer carbon credit discounts to encourage businesses to switch to solar power.
Founded in 2023 by Chidalu Onyenso, an MBA graduate from Harvard and an experienced product manager, Earthbond is addressing Nigeria’s $14 billion off-grid generator market, which puts a heavy financial burden on SMEs and contributes to high carbon emissions.
Emmanuel Adegboye, Madica’s Head, expressed confidence in Earthbond’s mission, stating, “Earthbond is tackling critical climate challenges with innovative solutions. We believe this investment will significantly impact Africa’s clean energy future.”
This funding aligns with Madica’s goal of supporting underrepresented founders and empowering innovative startups in Africa. Launched in 2022 and linked to Flourish Ventures, a global venture capital firm, Madica invests up to $200,000 in early-stage startups across Africa. The program provides 18 months of dedicated support, including mentorship, a tailored curriculum, and access to a global network of investors for future funding.
In April 2024, Techpoint Africa reported that Madica made its first investments in three African startups: Kola Market, GoBEBA, and NewForm Foods, each receiving $200,000.
With frequent power outages forcing businesses to rely on expensive generators—costing over $29 billion annually—Earthbond provides a sustainable and cost-effective solar alternative. However, high upfront installation costs have been a barrier for many SMEs. To address this, Earthbond offers embedded solar finance, allowing businesses to spread out installation costs while accessing vetted solar suppliers.
The startup has already audited over 100 customers in Lagos, representing a potential $1 million in solar projects, and has partnered with four banks to facilitate loans. More than 1,800 SMEs have expressed interest in joining its waitlist, showing strong demand for affordable solar solutions.
Onyenso, Earthbond’s Founder and CEO, remarked that this investment 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.”
