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# Flourish Ventures Launches Madica to back early-stage startups in Africa
- URL: https://www.techloy.com/flourish-ventures-launches-madica-for-startups-in-africa/
- Published: 2022-10-24T18:41:09.000Z
- Updated: 2022-10-24T18:41:09.000Z
- Author: Acquah Nana Yeboah
- Tags: / Startups, Tech in Africa

Flourish Ventures, a U.S. based Venture Capital firm announced Monday, the launch of [Madica](https://www.madica.vc/program), a pan-African investment program that aims to offer funding, technology support, and mentorship to underrepresented founders across the continent.

- The new investment program aims to address systemic challenges faced by early-stage founders in Africa, such as limited access to capital, industry networks, mentorship, and structured training.
- A central element of the program will be a carefully curated panel of seasoned African operators who will mentor Madica founders. The program is sector agnostic and will target startups in the pre-seed stage.
- The Madica program will invest $6 million in about 30 African startups, each receiving up to $200,000 in exchange for equity. The initial investment phase will run for three years.
- To qualify for the program, founders need to be working on their idea full-time, have a minimum viable product, and should have received little or no institutional funding. Application and admission to the program will be on a rolling basis.
- Madica said it is also keen on reaching underserved markets in the continent, outside the well-established hubs of Egypt, Kenya, Nigeria, and South Africa. This is part of its push to ensure a pan-African reach by supporting local, and women founders.