Key Takeaways
- • Madica, a pre-seed investment programme for African startups, secured an additional $6 million from Flourish Ventures to extend its investment pilot by three years.
- • The new capital will allow Madica to invest in 25 to 30 additional companies, expanding its hands-on company-building support for founders underserved by established venture capital networks.
- • Madica, launched in 2022, has backed 18 startups across 10 countries and 12 sectors, and its portfolio companies have attracted follow-on funding averaging twice the programme's initial investment, according to Madica.
- • All portfolio companies are majority African-owned, more than half have at least one female co-founder, and 39% are led by female chief executives.
- • The three-year extension will track longer-term outcomes, including potential exits and venture returns, with findings intended to inform how investors allocate early-stage capital across Africa.
Summary
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, according to the company's announcement. The funding will enable Madica to invest in 25 to 30 additional companies while expanding its hands-on company-building support for founders who are underserved by established venture capital networks.
Launched in 2022, Madica was designed to test whether founders operating in Africa's overlooked markets, sectors and networks can build globally competitive businesses when given appropriate capital and support. To date, the programme has backed 18 startups across 10 countries and 12 sectors. Madica says its portfolio companies have attracted additional funding averaging twice the amount of its initial investment, which it views as an early indication of investor confidence as the startups work toward sustainable commercial growth and potential venture-scale returns.
The three-year extension will allow Madica to assess how a broader portfolio 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. Emmanuel Adegboye, Head of Madica, said the programme was launched as an experiment to test whether pairing capital with hands-on support could help overlooked founders generate venture outcomes. 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.
Madica reports that its applications have come from 78 countries across 28 sectors, with 40% originating outside Africa's four largest venture capital markets. The portfolio spans climate technology, semiconductors, artificial intelligence, human resources, biotechnology and mobility. All portfolio companies are majority African-owned, more than half have at least one female co-founder, and 39% are led by female chief executives.
Madica continues to accept 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. Applications are submitted through the Madica website.
Launched in 2022, Madica was designed to test whether founders operating in Africa's overlooked markets, sectors and networks can build globally competitive businesses when given appropriate capital and support. To date, the programme has backed 18 startups across 10 countries and 12 sectors. Madica says its portfolio companies have attracted additional funding averaging twice the amount of its initial investment, which it views as an early indication of investor confidence as the startups work toward sustainable commercial growth and potential venture-scale returns.
The three-year extension will allow Madica to assess how a broader portfolio 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. Emmanuel Adegboye, Head of Madica, said the programme was launched as an experiment to test whether pairing capital with hands-on support could help overlooked founders generate venture outcomes. 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.
Madica reports that its applications have come from 78 countries across 28 sectors, with 40% originating outside Africa's four largest venture capital markets. The portfolio spans climate technology, semiconductors, artificial intelligence, human resources, biotechnology and mobility. All portfolio companies are majority African-owned, more than half have at least one female co-founder, and 39% are led by female chief executives.
Madica continues to accept 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. Applications are submitted through the Madica website.
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