Madica, an investment program launched 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, increasing its funding efforts after finalizing three initial deals.
Madica has announced its plans to accelerate investing in the upcoming year, targeting up to 30 startups by the end of its three-year program that commenced in mid last year after its launch in late 2022.
Recently disclosed investees of the program include Kola Market, a B2B platform founded by Marie-Reine Seshie to help SMEs enhance their sales and streamline their business operations. Others are GoBEBA, a Kenyan household goods on-demand retailer co-founded by Lesley Mbogo and Peter Ndiang’ui, and Newform Foods (formerly Mzansi Meat), a South African cultivated meat startup founded by Brett Thompson and Tasneem Karodia.
More startups are expected to join the program as Madica explores potential deals in emerging markets like Tunisia, Morocco, Uganda, DRC, Rwanda, and Ethiopia. This aligns with its aim to reach startups in diverse sectors and markets, particularly those led by underrepresented and underfunded founders. Madica is also committed to supporting startups by women founders, a group that traditionally receives limited VC funding.
Emmanuel Adegboye, Head of Madica, stated, “I believe that entrepreneurs in local markets across the continent are best positioned to address the challenges they face. The Madica program aims to showcase that it is possible to find founders building successful businesses outside the usual homogeneous group.”
Madica provides an upfront investment of $200,000 to accepted ventures, which participate in the program spanning up to 18 months and receive tailored hands-on support and mentorship. It has allocated $6 million for investments in scalable tech-enabled businesses and an equal amount for the initial phase of the program, featuring rolling admission and unique deal terms.
Adegboye emphasized the personalized yet structured nature of the program to cater to individual needs while providing consistent support to all participating companies.
He hopes that Madica’s initiative in the pre-seed stage will attract more capital to Africa and serve as a reference for global VCs looking to expand in the region.
“Depending on the program’s progress, we may expand or involve other partners to accelerate our mission,” Adegboye added.
