Flourish-backed Madica to invest $6m in African startups

STARTUP VENTURE CAPITALSeptember 28, 2023 at 8:15 PM UTC

Madica, short for "Made In Africa," is an investment initiative launched in December 2022 by the global venture capital firm Flourish Ventures. This program is laser-focused on supporting pre-seed-stage startups and aims to provide funding, technological assistance, and mentorship to founders who are underrepresented across the African continent.

To fulfill its mission, Madica is committed to investing a total of $6 million in as many as 30 African startups. Each selected startup will be eligible to receive up to $200,000 in exchange for equity, which represents a valuable injection of much-needed funding. The initial investment phase of Madica is set to span three years.

Interested founders looking to be a part of Madica should meet certain criteria, including a commitment to working full-time on their venture, having a minimum viable product (MVP) in development, and having received little or no prior institutional funding. These requirements reflect Madica's dedication to supporting early-stage startups and fostering innovation across Africa.

Key Takeaways

Access to funding and lack of support systems are some of the greatest challenges faced by startup founders in Africa. While venture capital and founder support programs within the continent are growing, a lot still remains to be done to meet the financing, technology, and social capital needs of the especially marginalized groups. It’s why the launch of programs like Madica is important, especially as it plans to reach underserved markets in the continent, outside the well-established hubs of Egypt, Kenya, Nigeria, and South Africa.