A sector-agnostic Africa-focused investment programme for pre-seed stage companies in Africa, Madica, has reaffirmed its commitment to supporting entrepreneurs in Africa with unique funding model to help them stand out and maximise their potential.
In an exclusive chat with the Daily Statesman, the Head of Madica, Emmanuel Adegboye, disclosed that per his interactions with entrepreneurs, one of their main challenges in funding is the length of time between the initial conversation and contract signing.
“But our unique funding model means that we can approach investing a little differently, and build a programme we believe will be impactful to the continent. We accept founders into the programme all year round, which underscores Madica’s commitment to supporting entrepreneurs, helping them to stay afloat and maximise their potential,” he stated.
The Head of Madica further explained that his group aims at democratising access to funding and world-class company building support for underrepresented and underfunded mission driven early-stage founders on the continent.
“Madica was launched by Flourish Ventures in 2022, and was essentially borne out of the need to address systemic and unmet challenges faced by early-stage founders in Africa. To provide more context on Madica’s exceptional support for African founders, it features patient capital with a long-term focus on building world class mission-driven companies.
“It is dedicated and on the ground network of mentors and partners for hands-on company building support, a tie in to Flourish Ventures network and expertise, including a global community of experienced investors, entrepreneurs, policymakers, operators, like-minded founders to create strong peer network and an engaging curriculum, quarterly in-person workshops and targeted interactions with prospective investors,” he added.
Emmanuel Adegboye also called on African entrepreneurs, in particular the youth in technology, to cultivate networking and partnerships for the success and growth of their businesses.
He said “opportunities are leveraged when entrepreneurs partner like-minded people” and that the new order in the global space necessitated that young men and women with ambitions in the digital and e-transact space come together and join hands for progress.
He highlighted the mentorship aspect of the Madica programmes where “we have a cadre of renowned ex-founders and operators in Africa who have themselves anchored highly successful businesses and are passionate about supporting early-stage entrepreneurs”.
“These mentors who bring an incredible depth of operating experience will be rolling up their sleeves, getting down to the brass tacks and spending significant time with founders, giving direction and pointing out the tried, trusted and also emerging technological trends, and more, that founders need to take advantage of to stay ahead of the curve,” he indicated.
He bemoaned the hurdles faced by companies in the ‘pre-seed’ stage, who are yet to raise any meaningful amount of institutional capital. He stressed that Madica intends to help their early-stage founders overcome these challenges, by offering them the support they need to have a stab at success.
Directing startup capital
Madica’s programme, he believes, is a well-funded, globally-inspired, and locally-run company building programme that can make a tangible difference in the quality of companies emerging from the continent.
“We are also convinced that our efforts can also help direct capital to startups that receive a disproportionately small share of venture funding, such as those led by women or by local founders or by those who operate outside the big four markets being it Lagos, Nairobi, Cape Town and Cairo,” he noted.
Touching on how Madica inspires and empowers mission-driven founders with access to world-class support, mentorship, resources and networks throughout their startup journey, he highlighted the Madica’s application process, which enables transparency with participating founders and interactions without prior introduction.
“All applications will go through a similar review process regardless of the channel through which they reach us. Madica will then invest and accept founders into the programme all year round on a rolling basis, which means founders can apply when they are ready and they think the programme will be most beneficial,” he said.
He noted that “Madica will empower entrepreneurs with the skills, expertise and resources needed to position their businesses for future success by supporting them to attract capital from top-class investors and enter globally-recognized accelerator programmes”.