Madica, an investment initiative by US-based investor Flourish Ventures to support pre-seed startups in Africa, aims to invest in up to 10 ventures by the end of the year, a new report has announced.
Madica has already signed three initial deals and aims to support up to 30 startups by the end of the three-year program starting in mid-2023, following a launch in late 2022. Masu.
Initial startups accepted in the program include:
Madica is actively considering potential transactions in emerging markets, including:
- tunisia
- Morocco
- uganda
- Democratic Republic of the Congo
- Rwanda and
- ethiopia
This is in line with the company’s strategy to engage startups from different sectors and markets, especially startups led by undervalued and underfunded founders.
Madica has expanded its focus beyond fintech and is interested in supporting startups led by female founders or with at least one female founder.
“With so many challenges across the continent, the people best placed to solve them are those who understand the context and have real-world experience related to them. I believe the Madica program is able to find founders who are building great businesses but don’t fit into the usual homogeneous group. to actually prove and demonstrate.” Madika Chief Emmanuel Adegboye said.
Madica offers an upfront investment of $200,000 upon acceptance into the program for up to 18 months. Additionally, participants receive personalized, practical support and guidance throughout their participation in the program.
Madica has earmarked $6 million for investment in scalable, technology-enabled businesses and the same amount for the initial phase of the program, which will operate on a rolling admission basis. In particular, the program has no standard investment terms and takes a flexible approach, ensuring each deal is tailored to the venture’s specific needs and circumstances.
Startups ideally have an MVP with some paying customers, have little or no institutional funding, operate in Africa, and have a full-time local Must be led by the founder of the company. Madica will not raise money during the program and will prioritize founders whose $200,000 investment will have a significant impact on their goals.
If you are interested, please apply here.
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