Madica Secures $6 Million from Flourish Ventures to Back More African Startups

Madica,  a pre-seed investment programme for African startups, has secured an additional $6 million from Flourish Ventures to extend its investment pilot by three years. The funding will enable Madica to invest in 25 to 30 additional companies while expanding its hands-on company-building support for founders underserved by established venture capital networks.

Launched in 2022, Madica was established to demonstrate that founders operating in Africa’s overlooked markets, sectors and networks can build globally competitive businesses when provided with appropriate capital and support. The programme has backed 18 startups across 10 countries and 12 sectors, combining pre-seed investment with structured support to help companies develop and grow.

According to Madica, its portfolio companies have attracted additional funding averaging twice the amount of the programme’s initial investment. The organisation views this as an early indication of investor confidence as the startups work towards sustainable commercial growth and potential venture-scale returns.

The three-year extension will allow Madica to assess how a broader portfolio of startups translates early progress into sustained business growth. The programme will examine the impact of its investment and company-building model, while tracking longer-term outcomes, including potential exits and venture returns. The findings are expected to help refine its approach and provide practical lessons that other investors can apply when supporting early-stage businesses across Africa.

“Madica was launched as an experiment to test whether pairing capital with hands-on company-building support could help overlooked founders building world-class businesses generate venture outcomes, and in many ways, our work sits at the intersection of the very many questions that underpin the state of early-stage venture investing in Africa. From the outset, we knew that gathering meaningful evidence would require years of investment, support and learning.”

– Emmanuel Adegboye, Head, Madica

He added that the additional funding would allow the programme to build on its initial lessons, test its investment approach across a larger portfolio and strengthen support for founders. Madica also intends to use the evidence gathered to help shape how investors allocate capital and support entrepreneurs across the continent.

The programme’s portfolio spans more than a dozen sectors, including climate technology, semiconductors, artificial intelligence, human resources, biotechnology and mobility. Its applications have come from 78 countries and cover 28 sectors, with 40% originating outside Africa’s four largest venture capital markets, highlighting demand from founders operating beyond the continent’s most established investment hubs.

Madica said all companies in its portfolio are majority African-owned, more than half have at least one female co-founder, and 39% are led by female chief executive officers. These figures reflect the programme’s focus on founders and businesses that have historically received less attention from established venture capital networks.

Efayomi Carr, Investment Partner at Flourish Ventures and co-founder of Madica, said the first three years had strengthened the organisation’s belief that African entrepreneurs can build globally competitive businesses with the right funding and support. He welcomed Flourish Ventures’ continued commitment to helping the programme back more founders.

Madica continues to invite applications from early-stage startups headquartered in Africa. Eligible businesses must have a minimum viable product with demonstrated traction from at least a few paying customers, full-time founder involvement and little or no institutional funding. Founders can submit their pitches through the Madica website.