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 how capital and structured support can help founders in Africa’s overlooked markets, sectors and networks build globally competitive businesses. The programme has backed 18 startups across 10 countries and 12 sectors.
According to Madica, its portfolio companies have attracted additional funding averaging twice the amount of the programme’s initial investment. The extension will allow the organisation to assess how its investment and company-building model contributes to sustainable business growth, future exits and venture returns.
Emmanuel Adegboye, Head of Madica, said the programme was launched to test whether combining capital with hands-on company-building support could help overlooked founders build globally competitive businesses and generate venture outcomes. He noted that gathering meaningful evidence requires years of investment, support and learning.
Madica’s portfolio spans sectors including climate technology, semiconductors, artificial intelligence, human resources, biotechnology and mobility. The programme has received applications from 78 countries, with 40% originating outside Africa’s four largest venture capital markets.
The organisation also reported that all portfolio companies are majority African-owned, more than half have at least one female co-founder, and 39% are led by female chief executive officers.
Efayomi Carr, Investment Partner at Flourish Ventures and co-founder of Madica, said the programme’s first three years had reinforced its belief in the potential of African entrepreneurs when provided with appropriate funding and support.
Madica continues to accept applications from early-stage startups headquartered in Africa. Eligible businesses must have a minimum viable product, traction from at least a few paying customers, full-time founder involvement and little or no institutional funding.
