Key Takeaways
- • Madica, a structured pre-seed investment program for African startups, secured $6M in additional capital from Flourish Ventures to extend its investment pilot by three years.
- • The extension will allow Madica to back 25-30 additional companies and deepen its company-building support for founders underserved by established venture networks.
- • Since its 2022 launch, Madica has backed 18 startups across 10 countries and 12 sectors, and those companies have attracted on average twice Madica's investment in follow-on funding.
- • Every portfolio company is majority African-owned, more than 50% have at least one female co-founder, and 39% are led by female CEOs.
- • The pilot is designed to generate evidence on whether venture returns can come from overlooked African founders and markets, with findings intended to inform other investors.
Summary
Madica, a sector-agnostic structured pre-seed investment program for African startups, announced $6M in additional capital from Flourish Ventures to extend its investment pilot by three years, according to the company's announcement. The funding will allow Madica to back 25-30 additional companies and expand its hands-on company-building support for exceptional founders who have been underserved by established venture capital networks.
Madica was launched in 2022 to test whether exceptional founders in Africa's overlooked markets, sectors and networks can build globally competitive businesses when paired with the right capital and support. To date, the program has backed 18 startups across 10 countries and 12 sectors, combining patient pre-seed capital with structured operational guidance. According to the company, these companies have attracted, on average, twice Madica's investment in additional funding, which it describes as an early signal of investor confidence.
The extended pilot will track how companies across a broader portfolio convert early traction into sustained growth, assess the role of Madica's investment and support model in that progress, and evaluate the potential to generate venture returns through exits. Madica's portfolio spans more than a dozen sectors, including climate-tech, semiconductors, AI, HR, biotech and mobility. Applications have spanned 28 sectors and 78 countries, with 40% originating outside Africa's four largest venture capital markets.
Emmanuel Adegboye, Head of Madica, said the program was launched as an experiment to test whether pairing capital with hands-on support could help overlooked founders generate venture outcomes, adding that gathering meaningful evidence would require years of investment and learning. Efayomi Carr, Investment Partner at Flourish Ventures and Co-founder of Madica, said the first three years had strengthened the conviction that exceptional talent across Africa can build world-class businesses.
Madica continues to seek early-stage founders across Africa. Eligible startups must have a minimum viable product with proven traction from a few paying customers, full-time founders, little or no institutional funding, and headquarters in Africa.
Madica was launched in 2022 to test whether exceptional founders in Africa's overlooked markets, sectors and networks can build globally competitive businesses when paired with the right capital and support. To date, the program has backed 18 startups across 10 countries and 12 sectors, combining patient pre-seed capital with structured operational guidance. According to the company, these companies have attracted, on average, twice Madica's investment in additional funding, which it describes as an early signal of investor confidence.
The extended pilot will track how companies across a broader portfolio convert early traction into sustained growth, assess the role of Madica's investment and support model in that progress, and evaluate the potential to generate venture returns through exits. Madica's portfolio spans more than a dozen sectors, including climate-tech, semiconductors, AI, HR, biotech and mobility. Applications have spanned 28 sectors and 78 countries, with 40% originating outside Africa's four largest venture capital markets.
Emmanuel Adegboye, Head of Madica, said the program was launched as an experiment to test whether pairing capital with hands-on support could help overlooked founders generate venture outcomes, adding that gathering meaningful evidence would require years of investment and learning. Efayomi Carr, Investment Partner at Flourish Ventures and Co-founder of Madica, said the first three years had strengthened the conviction that exceptional talent across Africa can build world-class businesses.
Madica continues to seek early-stage founders across Africa. Eligible startups must have a minimum viable product with proven traction from a few paying customers, full-time founders, little or no institutional funding, and headquarters in Africa.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.