“$200k isn’t enough”: Madica’s Emmanuel Adegboye on the brutal reality of early-stage funding

Emmanuel Adegboye, head of Madica, has spent three years making a bet that is unusual even by African standards. Madica, an Africa-focused investment programme launched by global venture firm Flourish Ventures, writes $200,000 cheques and has backed over a dozen startups on a thesis most African investors do not follow: some of the best early-stage companies on the continent are in markets nobody is watching. As head of Madica, Adegboye has deployed capital into 10 African markets.