Madica, an investment initiative with a focus on nurturing early-stage African startups, has recently publicized its financial backing of Earthbond, a pioneering climate technology enterprise based in Nigeria. Earthbond’s mission is to make solar energy solutions more accessible and cost-effective for small and medium-sized enterprises (SMEs) in the region. The company achieves this by operating an integrated online platform that serves as a marketplace, linking businesses with financing options for solar projects and connecting them with certified solar installation professionals.
The influx of capital from Madica is poised to catalyze Earthbond’s growth, allowing the startup to amplify its services and scale up its operations. This strategic move is expected to significantly contribute to narrowing the clean energy divide that currently exists for Nigerian SMEs. Earthbond has set ambitious goals for itself, including facilitating $10 million in specialized loans within the next three years, intensifying its sales and marketing initiatives, and rolling out innovative maintenance and payment tools to refine the customer experience.
In a novel approach to encourage the adoption of solar energy, Earthbond also plans to introduce carbon credit discounts. This not only represents an additional stream of revenue but also serves as an incentive for businesses to transition to solar power.
Founded in 2023 by Chidalu Onyenso, a Harvard MBA alumnus with extensive experience in product management, Earthbond is strategically positioned to disrupt Nigeria’s substantial $14 billion market for off-grid generators. The reliance on these generators imposes hefty financial burdens and environmental costs on SMEs due to high operational expenses and carbon emissions.
Emmanuel Adegboye, the Head of Madica, has expressed strong belief in Earthbond’s vision and approach, emphasizing the startup’s role in addressing urgent climate issues through innovative solutions. He anticipates that Madica’s investment will be instrumental in shaping the trajectory of clean energy in Africa.
Madica, which commenced operations in 2022, operates under the umbrella of Flourish Ventures, a global venture capital firm with a focus on financial technology. Madica’s investment program is designed to support startups in their nascent stages, offering up to $200,000 in funding. Beyond financial assistance, the program provides an 18-month support package that includes mentorship, a bespoke curriculum for startups, opportunities for immersion trips, and connections to a worldwide network of investors for subsequent funding rounds.
In a report by Innovation Village in April 2024,, it was revealed that Madica had made its initial investments in Africa, allocating $200,000 each to three startups: Kola Market, GoBEBA, and NewForm Foods. Earthbond’s partnership with Madica promises to furnish the startup with substantial resources to fuel its expansion and ensure its sustainability. In a country where unreliable power grids compel companies to depend on costly generators—a dependency that Earthbond claims costs businesses more than $29 billion annually—the startup offers a viable and economical alternative in the form of solar energy.
Despite the appeal of solar power, the high initial costs of installation have been a barrier for many SMEs. Earthbond addresses this challenge by offering solar financing solutions that enable businesses to defray these costs over time, while also providing access to a curated selection of solar equipment providers.
The startup has already conducted audits for over 100 clients in Lagos, identifying potential solar projects worth approximately $1 million, and has established partnerships with four banks to streamline the loan process. Furthermore, Earthbond reports that over 1,800 SMEs have shown interest in its services, as evidenced by the waitlist, indicating a robust market demand for affordable solar solutions.
Chidalu Onyenso, the founder and CEO of Earthbond, regards Madica’s investment as a watershed moment for the company. He expresses enthusiasm about becoming part of the Madica family and is confident that with Madica’s backing, Earthbond is well-equipped to spearhead the energy transition for Nigeria’s SME sector.
