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Madica , an investment funds program launched by U.S.-based investorFlourish Venturesto back pre - seed startups in Africa , plans to invest in up to 10 ventures by the goal of the year , ramping up its funding movement after closing three initial deals .
Madica bring out the plan to TechCrunch , suggest accelerated investing in the coming class as it eyeball up to 30 startups by the ending of its three - year program , which started mid last year , afterlaunch in previous 2022 .
Announced today , the program ’s initial investees includeKola Market , a B2B platform founded byMarie - Reine Seshieto help SMEs grow their sale and simplify their business operations . Others areGoBEBA , a Kenyan on - demand retailer of menage goods constitute byLesley MbogoandPeter Ndiang’ui , andNewform Foods(formerly Mzansi Meat ) , a South African cultivated meat inauguration founded byBrett ThompsonandTasneem Karodia .
More are set to fall in the program , as Madica explore possible quite a little in budding grocery such as Tunisia , Morocco , Uganda , DRC , Rwanda and Ethiopia . This is in line with its plan to hit startup in diverse sectors and markets , as well as those hunt by underrepresented and underfunded founders . Madica is further looking beyond fintechs , the most - fund sector in Africa , and is also keen on backing startups by women founders ( or where at least one laminitis is a woman ) , a demographic that continues to receive measly VC financing .
“ I believe that with the routine of challenges that subsist across the continent , it ’s the entrepreneurs who are in those market place that understand the context and have be experience around those issues that are best lay to work those challenges . The point of the Madica programme is to in reality try and show that it ’s possible to find laminitis that are progress sound businesses but do n’t fit the common homogeneous group , ” saidEmmanuel Adegboye , head of Madica .
Madica invests upfront , to a tune of $ 200,000 , once a speculation is accepted into the program , which run for up to 18 months , and also involves tailored manpower - on support and mentorship . It has put away $ 6 million to invest in scalable tech - enable clientele and an equal amount to execute the first form of the program , which has rolling admittance . The program does not have standard term for investment , realise each mickle unique .
“ Our programming is both very personalised , but also structured in some ways because founders amount into the program at unlike points . The personalised part of the programme is passing decisive because we want to understand what they need and how we can best support them , ” sound out Adegboye .
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“ But we also make out that at every point in time , we ’re going to have at least a few troupe we ’re work with within the programme so we have a few parts of the political program that are very structured and that cuts across every company within the portfolio , ” he said .
Adegboye desire that as the programme catalyse investments in the pre - seed stage across different ecosystems in Africa , Madica can attract more capital into the continent and finally serve as a reference for global VCs intending to surmount operations in the market .
“ Depending on how the programme goes , there is a theory that we will double over down on it or open it up to other partners to join us and accelerate this foreign mission . ”
Flourish Ventures , a ‘ fintech speculation fund with a purpose , ’ secures $ 350 M in new capital letter
