We back exceptional
early-stage ventures
that are made in Africa
Madica is a structured investment program for pre-seed stage companies in Africa. Madica aims to empower mission-driven founders by democratizing access to world-class company building support, which is available today only to a few well-networked entrepreneurs.
Learn more
Why Madica
World-class venture building support for African founders
Madica will inspire and empower mission-driven founders with access to world-class support, mentorship, resources and networks throughout their startup journey.
Apply now
Access world-class mentorship throughout your journey
Learn about our people
Madica will inspire and empower mission-driven founders with access to world-class support, resources, networks and mentorship throughout their start-up journeys
Apply now
Isis Nyong'o
Partner, Asphalt & Ink

"Isis is a Partner at Asphalt & Ink, a strategic advisory firm that provide global companies, investors, and foundations with insights and analysis to drive sound decision-making for their Africa engagement strategy. Isis is well established in the technology ecosystem and brings deep experience in navigating the Africa private sector landscape. She makes a concerted effort to address gender bias in the workplace through WomenWork, a women's digital network with 5,000 members that she co-founded. WomenWork partners with global donors and local corporations to implement programs to increase access to capital and business skills for women-owned SMEs across Kenya. Through this work she has a deeply informed understanding of the challenges women-owned SMEs face in raising capital and the ways that global and local funders are aiming to overcome these.

Prior to this, Isis founded digital content platform MumsVillage and held notable leadership positions at Google, InMobi and MTV Networks leading their Africa entry strategies. Through her partnership role at Google, she was instrumental in building the foundation of the digital economy in Africa by structuring private sector partnerships that increased user access to and interest in the Internet while also advocating for public policy change.

Isis is an influential voice on innovation and entrepreneurship in Africa. She currently serves on the boards of the Nairobi Stock Exchange (NSE) and Southbridge Group (pan-African investment bank). She has been shortlisted on the Forbes Top 20 Youngest Power Women in Africa and the World Economic Forum selected her as a Young Global Leader in 2012. Isis holds degrees from Stanford University and Harvard Business School."

Wendy Hoffman
Capital Legal Counsel at The Delta

Corporate lawyer specialising in startups, corporate structuring & governance and fundraising. I left legal practice in 2017 to join Yoco, an African payments company, as in-house legal, supporting the team through Series B & C funding rounds and international expansion. I recently joined the Capital Team at The Delta, a venture builder, to help grow out the group's investment arm. Working with Founders & Investors in early stage ventures is my happy place.

Emmanuel Adegboye
Head of Madica

Emmanuel Adegboye is the Head of Madica, a structured investment program for pre-seed stage companies in Africa. Launched in 2022, Madica empowers underrepresented and underfunded mission-driven founders on the continent. 

Before joining Madica, Emmanuel oversaw Africa strategy for Utopia, a platform for Urbantech entrepreneurs in emerging cities. As Managing Partner of Utopia Lagos, he designed and launched the Lagos Urban Innovation Challenge and Utopia’s virtual accelerator program.

Emmanuel has a comprehensive understanding of the entrepreneurial and political landscape of Africa. He has extensive experience building and leading large-scale technology projects and initiatives in emerging markets. His prior roles include designing and managing Andela’s entrepreneurship center and managing special projects and programs at Venture Garden Group. He was also a 2021 Mo Ibrahim Foundation Academy Fellow with the Africa Program at Chatham House and he continues to engage policymakers on creating an enabling environment for entrepreneurs through his contributions to Chatham House’s policy research, the Nigerian Economic Summit Group’s Digital Economy Policy Commission and the Nigeria Startup Act. 

Emmanuel holds a Bachelor's degree in Engineering Physics, an Executive MBA, and further postgraduate degrees in Space Applications and Environmental Management. He is also a certified Project Management Professional.

Emmanuel believes entrepreneurs will build Africa’s future and he’s dedicated to supporting entrepreneurs solving Africa’s biggest challenges.

Efayomi Carr
Board Observer, Madica — Principal, Flourish Ventures

Efayomi has seen firsthand how startups catalyze innovation and unleash opportunity for communities. He brings experience in entrepreneurship, social impact and finance to his role at Flourish, with a focus on Africa.

Before Flourish, Efayomi was Head of Strategic Finance for Lori, a tech startup building cost-saving market infrastructure for the trucking industry in Africa. Three months after joining Lori, Efayomi was appointed Interim CFO, managing a team of 15 finance professionals across several geographies and overseeing the core financial functions. He also guided the company financially through the COVID-19 economic crisis, raising emergency capital, renegotiating significant debt, and finalizing key partnership agreements.

Prior to working with Lori, Efayomi covered Africa with venture investor Quona Capital and was an associate at Boston Consulting Group. He also worked at Jumia, where he was Head of Marketplace, growing that business from launch to roughly one-quarter of the platform’s revenue. Later, Efayomi spent six months seconded to the government of Sierra Leone, as the most senior government official leading data management in the effort to combat the 2015 Ebola outbreak.

Efayomi started his career cofounding Transparent Nigeria, a digital journalism and data sharing platform. He is a graduate of the University of Pennsylvania with an MBA from Harvard Business School. He is based in Nairobi, where he’s training for his next marathon.

Arjuna Costa
Board Member, Madica — Managing Partner, Flourish Ventures

Arjuna Costa is a Managing Partner at Flourish Ventures.  He co-manages Flourish, with a primary focus on venture investing across emerging markets in Africa, Asia, and Latin America.

Before Flourish, Arjuna was a partner at Omidyar Network, where he built a global portfolio of early-stage, inclusive fintech companies. Before that, he invested equity and debt in consumer finance companies in emerging markets at The Rohatyn Group, a multi-billion dollar emerging markets investment firm.

In 2003, Arjuna cofounded a $120-million private equity fund focused on the turnaround of distressed commercial banks in Africa. The fund grew out of advising governments on the restructuring and privatization of its banking sector. He designed and implemented some of the earliest trade and investment programs for the US Government after the passage of the Africa Growth and Opportunity Act.  

Arjuna began his career at Lehman Brothers, where he spent five years financing power plants and airports globally.

Arjuna earned an MBA from Harvard Business School and a BA in computer science from Columbia University.

Ameya Upadhyay
Board Member, Madica — Venture Partner, Flourish Ventures

Ameya invests in disruptive organizations creating economic opportunity for people in emerging markets with a focus on Africa. As a venture partner, he is based in Flourish’s London office.

Previously, Ameya worked out of Omidyar Network’s Mumbai office, where he co-led several of the firms’ early Financial Inclusion investments in India. Prior to joining Omidyar Network in 2012, Ameya was a consultant at Bain&Company, where he worked with telecommunications and IT providers in India, improving their operational efficiency and developing acquisition strategies. As part of Bain’s private equity practice, he advised clients on potential investments in the tech, media, and telecom sectors.

Ameya received a B.S. in engineering from the Delhi College of Engineering and an MBA from the Indian Institute of Management Ahmedabad.

Our Portfolio of mission-driven founders
Our entrepreneurs are scaling new ideas, technologies, and business models across a number of frontier themes.
View all
Transforming mobile devices into points of sale
A very brief summary of what the startup is solving in a two-line paragraph maximum.
Latest updates
Explore more FAQs
What is Madica’s relationship with Flourish Ventures?
Madica was spun out of, and is an affiliate of, Flourish Ventures an early stage global venture capital firm that backs entrepreneurs whose innovations advance financial health and prosperity for individuals and small businesses.
What exactly do the immersion trips entail, and are they fully funded?
Participants can join in up to 3, week-long immersion trips throughout the program. Each trip is designed around specific themes and is designed for face-to-face meetings with mentors and peers and networking with global investors and key ecosystem stakeholders. During the program, cohorts will be informed about the destinations, frequency and commitment required for these trips, which Madica will organise and fund.
Will you join the Board of the startups you invest in?
No. Madica has no primary intentions of joining the boards of startups or making follow-on investments. We want to give you the tools to succeed, but do not want to micromanage your day-to-day growth strategy.
How much Equity does Madica get from startups it invests in?
Madica aims to be founder-friendly and will make use of Simple Agreements for Future Equity (SAFES) (or similar) with a variable valuation cap for investments into successful startups.
What is the background of the mentors?
The Madica mentors are highly successful founders of African startups or have experienced remarkable growth journeys with significant functional experience across legal, business development, tech, marketing, and more. They were selected to provide continuous hands-on guidance that goes beyond one-off advice.
How does mentorship work?
Successful startups in the program will develop a plan for the duration of the program, highlighting their top three priorities. Based on this, a lead mentor will be assigned to each start-up, and founders and the mentors can request specific support areas and concerns. To prevent conflict of interest, mentors must also declare existing investments.
Can I email periodic updates if my startup didn’t make a successful application?
Yes, we’d always love to hear about your progress; you can always drop us a line at hello@madica.vc. If your application has been unsuccessful, we encourage you to reapply at any time you feel you are in a better position to advance. We also advise that you make good use of the feedback provided from your initial application by addressing all concerns before putting in a new application.
As a Madica portfolio company, what are Madica’s expectations of us and do we have to participate in the mentorship and immersion trips?
Madica is focused on helping startups achieve their set objectives over a 12 -18-month period and is structured in a convenient way to ensure the right balance is struck. Founders have ample time to focus on executing their day-to-day tasks. Most of the workshops will be virtual, with in-person components taking place once every couple of months. Overall, founders can expect to commit 20 hours a month (5 hours a week) to the Madica curriculum.
What does the Madica program entail?
The investment program is a 12–18-month customised program with: Access to world-class mentors with vast knowledge and experience in starting and/or growing companies on the African continent. Executive coaches to support founders. Peer-to-peer learning among founders. Immersion trips to regional and global ecosystems. Access to global networks and investors. Access to world-class tools to accelerate your startup.
If my application is successful, when will Madica complete its investment?
Subject to completion of satisfactory legal and financial due diligence and acceptance to the Madica program, Madica will invest in admitted start-ups at the start of the program.
How many months after the initial application to the program can we re-apply?
If your application has been unsuccessful, we encourage you to reapply at any time you feel you are in a better position to advance. We also advise that you make good use of the feedback provided from your initial application by addressing all concerns before putting in a new application.
Do all applications receive a response?
Applicants will be notified of the status of their application at every stage of the screening process. However, those who do not make it to the second stage can request feedback on the reasons behind an unsuccessful application.
When will I get feedback on my application?
Once you've applied to Madica, the first screening stage typically takes a week, barring any backlogs. If successful, you will be invited to a second stage where the Madica team will liaise with you personally to learn more about your team, business, solution, and the space you operate in. Subsequently, Madica will undergo a thorough due diligence process, including a data room review and correspondence with some of your customers and partners. This will take an average of eight weeks, after which you will be informed about the outcome of your application.
What is the investment ticket size Madica invests in startups?
Madica invests up to $200,000 in African pre-seed startups. The exact amount is determined on a case-by-case basis.
What sectors does Madica invest in?
Madica is sector agnostic. We invest in tech companies across various industries.
Is there a deadline for applications to the Madica Investment program?
No, there is no deadline for applications. Madica reviews all applications on a rolling basis.
How do I apply for investment in Madica?
To make your application, click here and respond to the questionnaire. We have made the questions simple to respond to.
What do you look for in the startups you invest in?
To be eligible for the program, mission-driven start-ups must have the following: Minimum viable product (MVP) with the traction of some paying customers; Founder(s) who are engaged full-time; and Startups have received little or no institutional funding and are based in Africa. Madica, being a pre-seed investment program, will prioritise founders who will not be raising funds during the program and those with whom a $200,000 investment will significantly impact achieving their goals within the next 12 to 18 months.
What is Madica
Madica is a structured investment program for pre-seed-stage companies in Africa. The program runs for 12- 18 months with an investment of up to $200,000.