Flourish Ventures, a U.S. based Venture Capital firm announced Monday, the launch of Madica, 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.