Applying for funding can feel like a black box. You spend hours crafting your deck, fill out an application, maybe get a vague rejection, or worse, radio silence. No context, no feedback, no idea what actually happened.

Sounds familiar?

At Madica, we’ve seen too many promising founders overlooked, not because they lacked ambition or a good idea, but because they didn’t fit a mould, didn’t have the right network, or weren’t building in the “usual” markets. We’re here to do things differently. This guide walks you through how our investment process works, who reviews your application, what we’re looking for, how we make decisions, and what it’s like once you’re in. We believe founders deserve clarity, honesty and fair consideration. So whether you’re actively applying or just curious, this article gives you a transparent, step-by-step look at how our investment process works, from the moment you apply to the day we wire the funds (and everything in between).

Let’s walk you through how we evaluate startups, what happens behind the scenes, and how you can put your best foot forward.

What We Look For

Before diving into the process, let’s start with the basics… what we actually look for in a startup. We back founders who don’t always fit the typical investor profile; female founders, locally educated entrepreneurs, and teams building outside the usual hotspots (big 4 markets). If you’re building an early-stage, tech-enabled startup solving a real problem in Africa, we want to hear from you. We’re sector-agnostic, geography-agnostic, and bias-aware. We care more about your insight, execution, and ambition to scale.

Our cheque? Up to $200,000. Our role? To be the early believer who helps you unlock your next big milestone.

Here’s what tends to catch our attention:

• Traction with context. You should have an MVP and early signs of validation; anything from paying customers to pilots, usage data or commercial interest. If you're in a capital-intensive sector like climate, biotech or hardware, we also consider proof-of-concept, technical milestones or secured grants.
• Founder–market fit. You don't need 15 years of industry experience, but we do expect a deep understanding of the problem you're solving. Why you? Why this? Why now?
• Clarity and ambition. We like founders who can explain their idea without a 20-slide deck, and who are thinking long-term about how their solution can scale.
• Team. You don’t need to have a full team yet, but we’ll want to know your hiring plans or how you’re covering key functions. We also look out for diverse teams and encourage solo founders to apply.
• Where our cheque moves the needle. We invest at the earliest stage, so we’re looking for companies where $200K will unlock the next big milestone.

We also understand that many of the founders we back may not have access to pitch coaches, polished decks or warm intros. That’s okay. We evaluate substance over style - clarity, authenticity and thoughtfulness go much further than buzzwords and bravado.

How the Investment Process Works

We review applications on a rolling basis, and there’s no cohort model. If you’re building and feel ready to take on investment, apply any time. From there, here’s how it works.

1. Online application

Start by submitting your application at madica.vc/apply. This is your first impression, give us enough to get excited about. We don’t need a polished deck with animations, but we do want to understand the core of what you’re building and why.

2. Initial screening

Francis, our Investment Associate, is usually your first point of contact. He screens each application to assess strategic fit, looking at your traction, clarity of problem-solution fit, team and alignment with our thesis. If it looks promising, we move to a deeper review.

3. Follow-up and screening call

If shortlisted, you’ll hear from us. We might ask for a few more materials; updated deck, user metrics, financial model, and schedule a short call to learn more. This is a chance for us to understand your thinking, and for you to ask us questions too. We don’t expect perfection, just clarity and authenticity.

4. Due diligence

If there’s continued interest, we move into diligence. This includes reviewing your data room (financials, incorporation docs, projections), speaking with a couple of customers or partners, and assessing your business model and governance basics. This phase typically takes 4 to 8 weeks. We try to keep you informed as we go, no ghosting.

5. Investment Committee

Once due diligence wraps up, you’ll present to our Investment Committee (IC). This is less about pitching and more about having a thoughtful conversation. We want to understand your big vision, how you think about risk, and how aligned we are. If it goes well, we’ll make the offer.

6. Deal execution and onboarding

We invest via a SAFE (Simple Agreement for Future Equity). It’s founder-friendly: no board seat, no immediate equity taken, and we convert at a valuation cap when you raise a priced round.

After signing, we onboard you into our program which runs for 18 months and includes strategic support, mentorship, immersion trips, and a community of like-minded founders across the continent.

Tips to Strengthen Your Application

We know early-stage startups are messy, and we’re not expecting perfection. But if you want to stand out, here’s what makes us pay attention:

• Be clear and direct. Ditch the buzzwords. Tell us the problem, your solution, and why it matters first. If we’re confused, we’re not convinced.
• Show traction. Even a handful of users, a pilot, or a signed partner helps. Screenshots, testimonials, usage data, anything real-world beats lofty claims.
• Highlight your insight. Why you? Tell us what gives you an edge, lived experience, customer proximity, or deep domain knowledge.
• Tell your team story. Whether you’re solo or have co-founders, show us how you execute and what gaps you’re solving for.
• Share your big vision. We’re backing ambition. You don’t need everything figured out, but we want to see that you’ve thought about what scale could look like.

The goal isn’t polish, it’s clarity, substance, and a spark that tells us you’re building something that matters.

What if You’re Not Selected?

Not every application results in a cheque, that’s the reality. But we try to give feedback where we can, and in many cases, we encourage reapplying after three to six months. If you’ve made progress, refined your story or gained traction, we’d love to hear from you again. We also track promising startups that weren’t quite ready, and occasionally share opportunities in the ecosystem or stay in touch for future funding.

A “no” now doesn’t mean “no” forever.

Final Thoughts

We started Madica because we saw too many brilliant African founders being overlooked. Our goal isn’t just to write cheques, it’s to be a long-term partner for the builders shaping the continent’s future. So if you’re building something bold, meaningful, and just need the right backer to get started, we’d love to hear from you!