Global VC Flourish launches Madica, an Africa-focused program to back pre-seed stage startups

Lack of support systems and access to funding are some of the biggest challenges faced by startup founders in Africa. There is still a lot of work to be done to meet the financing, technology and social capital needs of the marginalized groups.

There are gaps that inspire the development of new programs like Madica by US-based venture capital firm.

Madica is a pan-African investment program that offers funding, technology support, and mentorship to underrepresented founders. Most ideas fail when they are in the pre-seed stage.

Up to 30 African startups will receive up to $200,000 in exchange for equity, thanks to the $6 million set aside by the program. Three years is how long the initial investment phase will last.

Madica plans to double down on providing hands-on support, extensive resources, access to networks and more. Madica has set aside an equal amount for programmatic support in addition to the $6 million of investment capital.

We encourage everyone to apply for our program. One of the main goals of Madica is to ensure a level playing field for African entrepreneurs.

Madica wants to reach underserved markets outside of the well established hubs of Egypt, Nigeria, and South Africa. It's part of its push to ensure a pan-African reach.

To be eligible for the program, a founder needs to be working on their idea full-time, have a minimum viable product, and receive little or no institutional funding. On a rolling basis, application and admission to the program will take place.

Madica is working with a number of organizations to identify entrepreneurs to support.

Isis Nyong'o, the Asphalt & Ink partner, is one of the mentors.

The goal of Madica is to create a broader systemic shift. We intend to create world-class programming, crowd-in follow-on capital, and leverage Flourish's global presence to extend the reach of local networks through Madica. According to Ameya Upadhyay, the venture partner at Flourish Venture, these will eventually benefit other participants in the ecosystems.

According to Upadhyay, they hope that Madica can change the narrative of African startups by lowering the perception of risk, attracting more capital, and inspiring more founders.

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