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Madica, a program by Flourish Ventures, steps up pre-seed investing in Africa
It has invested in Kola Market, which helps SMEs grow their sales; GoBEBA, an e-commerce platform; and cultivated meat startup Newform Foods.
More are set to join the program, as Madica explores potential deals in budding markets such as Tunisia, Morocco, Uganda, DRC, Rwanda and Ethiopia. Madica invests upfront, to a tune of $200,000, once a venture is accepted into the program, which runs for up to 18 months, and also involves tailored hands-on support and mentorship. Adegboye hopes that as the program catalyzes investments in the pre-seed stage across different ecosystems in Africa, Madica can attract more capital into the continent and eventually serve as a reference for global VCs intending to scale operations in the market.
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