Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
Madica, a pre-Seed investment programme for African startups, has secured an extra $6 million from Flourish Ventures. The money extends its pilot by three years and will fund 25 to 30 more early-stage companies across the continent.
The extended pilot is meant to test how well early traction turns into lasting growth, and whether the model can produce venture returns, including through exits. Madica says it plans to share what it learns so other investors can use the approach.
“Three years have given us valuable lessons and encouraging early signals, but building enduring companies and assessing venture outcomes takes longer. Flourish Ventures’ continued commitment gives us the capital to build on those lessons and test our conviction across a broader portfolio while deepening our company-building support,” said Emmanuel Adegboye, Head of Madica.
Launched in 2022 and led by Emmanuel Adegboye, Madica is a sector-agnostic programme affiliated with Flourish Ventures. It gives pre-seed funding and hands-on support to African founders who are often missed by traditional venture capital networks.
Its portfolio covers climate technology, semiconductors, AI, HR, biotech and mobility, among other sectors. It has so far invested in 18 startups across 10 African countries and 12 sectors. Those companies have gone on to raise follow-on funding averaging twice what Madica first put in.
Last month, Madica announced five new investments, marking its first entry into Algeria and Cameroon, while also strengthening its presence in Nigeria and Egypt. Earlier this year, the pre-Seed investment programme focused on Africa also invested $600k across three new startups.
Every portfolio company is majority African-owned. More than half have at least one female co-founder, and 39% have a female CEO. Madica’s applications have come from 28 sectors and 78 countries, and 40% were from outside Africa’s four largest venture capital markets.
“We retain our conviction that with the right capital and support, exceptional talent across Africa can build world-class businesses. Madica’s first three years have strengthened that belief, and we are excited to continue backing the team as they help more entrepreneurs achieve that mission,” said Efayomi Carr, Investment Partner at Flourish Ventures and co-founder of Madica.
The new capital will pay for more pre-seed investments, wider company-building support and a longer period to assess how the portfolio performs. Startups can apply through the Madica website if they are headquartered in Africa and have a minimum viable product with a few paying customers. Founders must work on the company full time, and the startup must have little or no institutional funding.
Founded in 2019, Flourish Ventures is a global early-stage venture capital firm managing $850 million in assets with a focus on FinTech and financial health for consumers and small businesses.
