Madica is a structured investment program for pre-seed-stage companies in Africa. The program runs for 18 months for each company with an investment of up to $200,000.

Madica aims to address the structural gaps undermining innovation and entrepreneurship across Africa. By empowering mission-driven founders with access to capital, mentorship, and resources, Madica seeks to change the narrative around African startups, lowering risk perception, attracting more capital, and inspiring more founders.

We provide our founders with 18 months of structured support through world-class mentorship, executive coaching, peer-to-peer learning, immersion trips, access to global networks and investors, and tools to supercharge their startup’s growth.

No, Madica does not operate a cohort-based program. Our approach is tailored to the unique needs and timelines of each startup we invest in, allowing for a more flexible and personalized engagement. This ensures that founders receive the specific support and resources they need to propel their business forward at the right time.

Startups must have an MVP with ideally some paying customers, have raised little or no institutional funding, be operating in Africa, and be led by local founders who are engaged full-time. Madica prioritizes founders who will not be raising funds during the program and for whom a $200,000 investment will significantly impact their goals.

No, your startup does not need to be incorporated in Africa. We understand the strategic benefits of incorporating in jurisdictions like the United States to appeal to investors. What's important is that your company has an operational presence in Africa, as our support is aimed at startups engaging with and impacting the African market.

Yes, Madica primarily invests in startups that operate within Africa and are led by an African team. We understand that startups have different structures which might include operations and legal entities outside of Africa, but the core operations and leadership must be based on the continent. This approach ensures that your startup harnesses local talent and insights to develop impactful and scalable solutions, even if your target market extends beyond Africa.

Yes, individual entrepreneurs are encouraged to apply to Madica. Although our experience shows that founding teams often navigate the complexities of startup growth more effectively, we recognize the unique strengths and innovative potential that solo founders bring. We welcome your application if you are an entrepreneur without co-founders but possess a compelling vision and the determination to make it a reality.

Madica adopts a sector-agnostic approach, focusing on investments in technology-driven companies spanning various industries.

We focus on supporting tech startups that have progressed beyond the ideation phase to develop a minimum viable product (MVP) and have begun showing early signs of traction. For those in the idea stage, it's crucial to have undertaken some form of market validation to demonstrate demand for your proposed product or service. This validation could manifest as user sign-ups, a verifiable client waitlist, evidence of offline sales, or any reliable indication that customers are ready and willing to pay for your offering. Such evidence helps us assess the potential viability and impact of your startup.

No, non-profit institutions or companies are not eligible to apply to Madica. Our investment focuses on for-profit, tech-driven startups demonstrating the potential for scalable impact and growth within the African market and beyond.

To apply, click on this link and respond to the questionnaire.

No, there is no deadline for applications. Madica reviews all applications on a rolling basis.

The information we ask for plays a critical role in assessing your application. Completing the application form thoroughly is advantageous, as it facilitates our evaluation process and strengthens your submission. Nonetheless, some aspects of your endeavor might still be under development. Should founders encounter such instances, please specify sections where information still needs to be finalized or is being worked on directly in the application form.

Typically, rejections stem from a few common areas: perhaps your product or service isn’t leveraging technology as we’d expect, or there wasn’t enough evidence to show significant customer interest or evidence of Product-Market Fit. It’s also possible that your application didn’t fully meet our eligibility criteria. Another crucial factor is the team - having a diverse and skilled team is essential for growth, and sometimes, we find that element missing. Additionally, if your target market seems too niche or, conversely, too broad, it could raise concerns. Lastly, ensuring all company details are thoroughly provided is vital. It’s all about giving us a complete and compelling picture of your startup.

Due to the large number of applications we receive, the Madica team’s capacity to provide individual feedback or discussions before receiving applications is limited. We encourage founders to review the eligibility criteria carefully and use the provided guidelines to strengthen their application. Rest assured, Madica aims to support all founders in their entrepreneurial journey so we do our best to offer detailed feedback to those who reach advanced stages in the process.

Upon submission, your application undergoes an initial screening phase lasting approximately two weeks. If successful, you'll be notified about moving to the second stage, with updates typically provided within another two weeks regarding a screening call. Successful candidates from this call will then enter the due diligence phase. Madica’s due diligence process involves a lot of reference calls and direct engagement with the founders to fully understand the business and articulate a recommendation to our Investment Committee. The length of time this takes depends on the availability of stakeholders and what we learn during the due diligence process, but we generally aim for this process to be completed in about four to eight weeks. Throughout these stages, we aim to keep founders informed and ensure their application receives the thorough evaluation it deserves.

Once Madica’s Investment Committee approves an investment, finalizing the investment is contingent upon the completion of all additional necessary and financial due diligence, after which the company receives investment funds. These steps are typically finalized before the commencement of the investment program. As these processes can vary in duration, the program start may adjust accordingly. We operate with flexibility to ensure that investments are secured and all conditions are satisfactorily met before the program begins, accommodating the unique timeline of each startup's preparation phase.

If the first application doesn't lead to acceptance into the program, founders can always reapply. We suggest waiting for at least three months after receiving feedback on their initial submission as this period allows founders to refine their application based on the insights and suggestions we provide, ensuring any areas for improvement are addressed. By revisiting and enhancing their application, founders align more closely with the Madica team’s criteria and expectations for promising candidates.

Our mentors come from diverse backgrounds within the startup sector in Africa, and they have all demonstrated substantial operational success and expertise. They typically have strong regional or sector-specific networks and experience as successful entrepreneurs, operators, or regulators, each with a proven track record on the continent. Each mentor has committed to dedicating a minimum of 10 hours per month to support our founders by providing strategic advice, actionable insights, and access to essential networks to foster the growth of their ventures. Click here to learn more about our mentors.

We offer a comprehensive and carefully curated community of support to help founders succeed as individuals and in their businesses. We require founders to dedicate 10-20 hours per month to participate in workshops, receive mentorship and executive coaching, engage in peer-to-peer mentorship, and occasionally travel to meet set engagement milestones.

Madica was spun out of and is an affiliate of Flourish Ventures, which supports entrepreneurs in advancing financial health and prosperity.

No, your startup does not need to be incorporated before applying to the Madica program. However, every startup Madica invests in goes through some legal due diligence which includes confirming that the business is duly incorporated in a relevant jurisdiction and is in compliance with applicable laws. If you need any assistance with the incorporation process, we are here to provide support and guidance.

We work with each startup to articulate an 18-month roadmap as part of our due diligence process. Once an investment is finalized and before the commencement of the investment program, a lead mentor is assigned to support each startup throughout the program. Startups work most closely with their lead mentor who acts as their guide but have access to all other mentors and resources Madica provides.

Madica uses SAFEs (or similar) with a variable valuation cap for investments.

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No, Madica does not intend to join startup boards or make follow-on investments.

These week-long trips encompass expert-led workshops, executive coaching, mentorship, and curated conversations with investors and other founders. These are run in person, fully organized, and funded by Madica, so our founders can learn and network. Each founder will have the opportunity to be part of up to three immersion trips during the Madica program.