Madica, a program by Flourish Ventures, increases pre-seed investment in Africa

Madica, an investment program launched by US-based investor Flourish Ventures, is making waves in Africa by backing pre-seed startups and ramping up its funding efforts. The program plans to invest in up to 10 ventures by the end of the year, with a goal of reaching 30 startups by the end of its three-year program.

The initial investees of Madica include Kola Market, a B2B platform helping SMEs grow their sales, GoBEBA, a Kenyan on-demand retailer of household goods, and Newform Foods, a South African cultivated meat startup. The program is also exploring potential deals in countries like Tunisia, Morocco, Uganda, DRC, Rwanda, and Ethiopia, aiming to support startups in diverse sectors and markets run by underrepresented founders.

Emmanuel Adegboye, Head of Madica, emphasized the importance of supporting founders who understand the challenges in their markets and have lived experiences around those issues. Madica invests $200,000 upfront in accepted ventures, providing tailored hands-on support and mentorship over an 18-month program.

With a total of $12 million set aside for investments and program operations, Madica aims to catalyze investments in the pre-seed stage across Africa and attract more capital into the continent. Adegboye envisions the program as a reference for global VCs looking to scale operations in the African market.

As Madica accelerates its mission to support innovative startups in Africa, there is a possibility of expanding the program or inviting other partners to join in and further amplify its impact on the continent’s entrepreneurial ecosystem.