“$200k isn’t enough”: Madica’s Emmanuel Adegboye on the brutal reality of early-stage funding
Madica has invested at least $200,000 in over a dozen African startups but its head, Emmanuel Adegboye, has learnt that sometimes more is needed.
Madica, an Africa-focused investment program by global venture firm Flourish Ventures, has been making strides in the continent's early-stage funding landscape. The program invests $200,000 cheques and backs over a dozen startups, focusing on markets that are often overlooked by other investors. Emmanuel Adegboye, head of Madica, explains that this strategy is driven by the need to fund high-potential startups that are underfunded due to a lack of awareness of their potential.
Madica's portfolio includes companies from 10 African markets, with at least 50% of its companies having at least one female co-founder. Adegboye has adjusted his investment approach as he has learned that early-stage startups require more capital for longer periods. He now actively co-invests in most deals, recognizing that broader syndicate of investors increases the chances of success.
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