Earthbond, a Nigerian climate-tech startup founded by Chidalu Onyenso in 2023, has secured $200,000 in funding from Madica, an investment programme affiliated with Flourish Ventures. This funding will help Earthbond scale its operations, boost financing capacity, and advance solar adoption across Nigeria’s off-grid generator market, which is valued at an estimated $14 billion.
Earthbond’s innovative platform enables businesses to transition to solar energy by providing embedded solar financing and access to a network of accredited solar installers and suppliers. Since its launch, the startup has audited more than 100 potential customers in Lagos, creating a pipeline of over $1 million in solar projects. Additionally, over 1,800 Nigerian small and medium-sized businesses (SMBs) have expressed interest in Earthbond’s services, further emphasizing the demand for affordable clean energy solutions in the country.
Prior to this latest investment, Earthbond had already attracted capital from Catalyst Fund and participated in the Google for Startups Accelerator Africa programme. The startup will now join Madica’s 18-month company-building programme, which provides comprehensive support for African startups facing challenges such as limited access to capital, mentorship, and structured growth opportunities.
With Madica’s backing, Earthbond aims to generate $10 million in solar financing over the next three years, while also ramping up sales and marketing efforts and enhancing customer experience through new maintenance and payment tools. The company is also developing a revenue stream that offers businesses discounts based on carbon credits, further incentivizing companies to adopt solar energy.
“This is a pivotal moment for Earthbond, and we’re thrilled to be joining the Madica portfolio,” said Chidalu Onyenso, founder of Earthbond. “Leading the energy transition is no small task, but with the support of Madica and other key investors, we are confident that we can make a significant impact on Nigeria’s clean energy future.”
Emmanuel Adegboye, head of Madica, expressed excitement about the investment in Earthbond, emphasizing the startup’s potential to tackle critical climate challenges in Nigeria and across Africa. “Power is a major hurdle in Africa’s tech ecosystem, and Earthbond’s vision and technology offer an affordable, eco-friendly solution. We’re proud to support them in driving a clean energy future.”
Earthbond is Madica’s fourth portfolio company, and the investment reaffirms Madica’s commitment to supporting underrepresented founders and fostering innovation across underserved regions in Africa.
