The Madica team
Flourish Ventures, a global venture capital firm backing fintech startups, has rolled out a structured investment program for pre-seed stage technology companies in Africa.
The new sector-agnostic program, called Madica, will invest in tech startups. Madica seeks to back 25-30 African entrepreneurs with up to $200,000 each, over the next three years.
Madica, short for ‘Made In Africa’, is an Africa-wide initiative and will prioritize companies led by local founders, women and those focused on frontier sectors to shore up gaps in funding on the continent.
“Although investment is booming on the continent, funds are often disproportionately targeted at a few well-networked entrepreneurs and skewed towards the more prominent tech hubs,” said Emmanuel Adegboye, Head of Madica.
“Unlike other programs, Madica is sector-agnostic and intends to double down on providing hands-on support, extensive resources, access to networks and more. This is why, in addition to $6M of investment capital, we have reserved an equal amount for programmatic support,” he added.
The VC firm will back ventures with a minimum viable product, have founder(s) who are engaged full time and have received little or no institutional funding.
Venture capital firm Satgana, which backs startups in Europe and Africa, has announced the first closing of a €30 million VC fund. Satgana, which means “a good company” in Sanskrit, invests up to €500,000 at the pre-seed and seed stages across Europe and Africa.
Its areas of focus include food and agriculture, energy, mobility, industry and buildings, carbon removal and circular economy.
So far, the fund has already invested in three climate-tech startups, with two others to be announced soon. The firm said it has backed two ventures in Europe besides Mazi Mobility, a Kenyan startup building a network of electric motorbikes and a battery swapping infrastructure in East Africa.
The fund already counts more than 30 limited partners in its first closing. These mainly include high-net-worth individuals and family offices, including Thibaud Hug de Larauze (Co-founder and CEO of impact unicorn Back Market), Josef Bovet (CEO of Tiller Systems), Fabrice de Gaudemar (CEO of Qotto and ex-Executive Board of Eurazeo), Elsa Hermal (Co-Founder of Epicery) and the Family Office Cullom Capital.
Romain Diaz, General Partner, of Satgana, said: “The climate and ecological crisis is the defining issue of our time. As a gigantic challenge ahead of us, it is also a massive business opportunity as we need to reinvent all the sectors of our economies to meet the targets of the Paris Agreement. There has never been a better time to build and invest in Climate Tech, fostered by an unprecedented flood of talent and capital into the space.”

An emerging markets news platform for alternative investments
© The Capital Quest, 2021
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