Us Based Vc Flourish Launches Madica An Africa Focused Program To Back Pre Seed Stage Startups
The program has set aside $6 million for investment in up to 30 African startups, each receiving up to $200,000 in exchange for equity, availing the much needed funding. The initial investment phase will run for three years. “Although investment is booming on the continent, funds are often disproportionately targeted at a few well-networked entrepreneurs and skewed towards the more prominent tech hubs,” said Emmanuel Adegboye, Head of Madica. “Unlike other programs, Madica is sector-agnostic and intends to double down on providing hands-on support, extensive resources, access to networks and more....