• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Madica, An Africa-focused Program That’ll Invest In Startups’ Pre-seed Stages Has Been Launched By Flourish Ventures

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
October 24, 2022
in Uncategorised
Share on FacebookShare on Twitter

The funding need of startups have improved over the years and Africa now stands boldly among other regions. In fact, so far this year, the continent has remained the strongest-performing region despite the funding decline that startups across the globe are plagued with. Although funding in Africa has improved over the years, there is still much room for improvement and a whole lot of financing can help startups meet their financial and technological goals, social capital needs, etc., especially marginalized groups like women founders and startups existing in areas other than the Big Four.

To fill these gaps, US-based venture capital firm Flourish Ventures has launched a new program called Madica which will invest in the pre-seed stages of African startups. It is a pan-African investment program that’ll provide funding, technological support, and mentorship to founders of viable startups across Africa. It is targeting pre-seed stages because these stages are where startups tend to fail the most. 

Currently, the program has reserved $6 million which it plans to invest in about 30 African startups. Each startup is entitled to up to $200,000 in exchange for equity, and the initial investment phase will go on for three years. 

According to Madica’s head, Emmanuel Adegboye, “Although investment is booming on the continent, funds are often disproportionately targeted at a few well-networked entrepreneurs and skewed towards the more prominent tech hubs… Madica is sector-agnostic and intends to double down on providing hands-on support, extensive resources, access to networks, and more. This is why in addition to $6 million of investment capital, we have reserved an equal amount for programmatic support. We encourage founders across the continent to apply for our program. We believe Africans have an unmatched entrepreneurial spirit, and one of Madica’s core goals is to ensure a level playing field for every African founder.”

The program is big on reaching underserved markets in Africa outside of the Big Four – Nigeria, South Africa, Egypt, and Kenya – where most investments go to. Madica is, therefore pushing for a pan-African reach that’ll support underrepresented markets and support local and women founders.

Founders need to be working on their idea full-time, have a minimum viable product, and should have received little or no institutional funding, to qualify for the program, and application and admission to the program will be on a rolling basis.

Madica will also be partnering with AfriLabs, Pariti, Africa Early Stage Investor Summit, CELO foundation, and Rising Tide to identify entrepreneurs to support. The participating African founders will be matched with mentors such as  Isis Nyong’o, the Asphalt & Ink partner; Ceviant Finance co-founder, Idris Saliu, and Wendy Hoffman, the Capital Legal Counsel at The Delta.

“Madica is an investment in the African venture ecosystem, with the audacious goal of creating a broader systemic shift. Through Madica, we intend to develop a cadre of mentors, create world-class programming, crowd-in follow-on capital, and leverage Flourish’s global presence to extend the reach of local networks. These will eventually benefit other participants in the ecosystem – startups, investors, and policymakers. We hope that Madica can help change the narrative around African startups – lower the perception of risk, attract more capital, inspire more founders, and garner more media attention.” Ameya Upadhyay, venture partner at Flourish Ventures said.

Flourish Ventures which is an early-stage fintech VC has invested in startups like Flutterwave and Paga.

Related Posts:

  • Nigeria Takes The Largest Share Of Startups Selected For Google's Black Founders Fund Second Round
    Nigeria Takes The Largest Share Of Startups Selected…
  • Pan-African VC Fund Launch Africa Raises $36.3…
  • Amid A Global Decline In Startup Funding, Africa…
  • president-elect-trump
    Kenyan Startups Saw The Most Funding Growth In The…
  • agritech
    Africa’s Agritech Sector Funding Raises $1.1…
  • The Big Four: While Startups In Kenya And Egypt Have…
  • Africa Remains The Strongest Performing Region, Despite The Decline In Startup Funding That Now Correlates With Global Trends
    Africa Remains The Strongest Performing Region,…
  • Tech Startups In Nigeria Have Employed 19,334 People…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Truecaller Filters Verified Business Messages May 12, 2025
    • ChatGPT Deep Research Now Links to GitHub Repos May 12, 2025
    • Microsoft Offers Guide to Fix Windows Blue Screen Errors May 12, 2025
    • We’ve Invested $10b in Nigeria so Far – MTN May 12, 2025
    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3 May 11, 2025
    • Google’s Antitrust Showdown, AI vs. Search, and other Headlines May 11, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (498) android (367) app (717) Apple (577) artificial intelligence (419) business (482) china (132) cryptocurrency (210) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (710) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Truecaller Filters Verified Business Messages

    Truecaller Filters Verified Business Messages

    May 12, 2025
    ChatGPT Deep Research Now Links to GitHub Repos

    ChatGPT Deep Research Now Links to GitHub Repos

    May 12, 2025
    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    May 12, 2025
    The NCC Commissioned MTNN To Lease Spectrums From NTEL And Renew Its 3G Spectrum

    We’ve Invested $10b in Nigeria so Far – MTN

    May 12, 2025
    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3

    May 11, 2025
    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    May 11, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok