Madica Secures $6M from Flourish Ventures to Back African Startups

Madica and Flourish Ventures team (L-R): Tilman Ehrbeck, Emmanuel Adegboye, Efayomi Carr, Ameya Upadhyay, Arjuna Costa, and Francis Vesta

Madica, a pre-seed investment program affiliated with Flourish Ventures, has secured $6 million to extend its regional pilot by three years.

The capital will fund 25 to 30 early-stage African startups, deploying structured pre-seed checks of up to $200,000 per company alongside operational support.

The mandate specifically targets founders operating outside the established venture hubs of Nigeria, Kenya, South Africa, and Egypt.

Why has Madica secured an additional US$6 million?

Madica, an Africa-focused pre-seed investment programme affiliated with Flourish Ventures, has secured US$6 million in additional capital to extend its investment pilot by three years.

The funding will enable Madica to back 25-30 additional startups and deepen its hands-on company-building support for founders underserved by established venture capital networks.

The extension builds on the programme’s first three years of investment and portfolio development. Madica aims to generate stronger evidence that founders operating in overlooked African markets, sectors and networks can build globally competitive businesses and deliver venture-scale returns when they receive appropriate capital and support.

Rather than focusing solely on the number of companies funded, the extended pilot will assess how these startups progress from early traction to sustained growth and, eventually, potential exits.

Madica's funding and investment plans at a glance

Metric	Details
Additional funding	US$6 million
Funding provider	Flourish Ventures
Programme launched	2022
Pilot extension	Three years
Existing portfolio	18 startups
Existing geographic reach	10 African countries
Existing sector coverage	12 sectors
Planned additional investments	25–30 companies
Average follow-on funding	Portfolio companies have attracted, on average, twice Madica's initial investment in additional funding

What has Madica achieved since launching in 2022?

Madica launched in 2022 to test whether combining patient pre-seed capital with structured company-building support could help underrepresented African founders build successful, venture-scale businesses.

Since its launch, the programme has invested in 18 startups across 10 countries and 12 sectors. Its portfolio companies have attracted additional funding equivalent to an average of twice Madica's investment, providing an early indication of investor interest in the businesses it supports.

However, follow-on funding alone does not establish whether a company will achieve sustainable growth or generate venture returns. The extended pilot will give Madica more time to track commercial performance, evaluate the effectiveness of its support model and assess whether portfolio companies can ultimately deliver successful exits.

The programme's next phase will focus on gathering evidence that can inform how other investors identify, fund and support early-stage businesses across Africa.

Which sectors and markets does Madica support?

Madica takes a sector-agnostic approach, reflecting its focus on founder potential rather than restricting investment to a single industry.

Its portfolio includes companies working in areas such as:

• Climate technology
• Semiconductors
• Artificial intelligence
• Human resources
• Biotechnology
• Mobility

The programme's application data also points to entrepreneurial activity beyond Africa's largest venture capital markets.

Applications have spanned 28 sectors and 78 countries. Of those submissions, 40% came from outside Nigeria, Kenya, South Africa and Egypt, the four markets identified in the programme's announcement as Africa's largest venture capital markets.

This distribution highlights the geographic breadth of founder interest in the programme and the potential to broaden access to early-stage investment beyond established startup ecosystems.

How does Madica address gaps in African venture capital?

Madica focuses on founders who may have limited access to established investor networks. Its model combines pre-seed investment with structured, hands-on company-building assistance, aiming to help startups strengthen their businesses alongside raising capital.

The programme's portfolio also reflects its emphasis on founder ownership and representation:

• 100% of portfolio companies are majority African-owned.
• More than 50% have at least one female co-founder.
• 39% are led by female chief executives.

These figures illustrate the composition of Madica's current portfolio and its stated commitment to backing founders who have historically been overlooked by conventional investment networks.

The additional capital from Flourish Ventures will allow Madica to test this approach across a larger group of companies. Over the extended pilot, the programme intends to examine how its combination of funding and company-building support influences startup development and eventual investment outcomes.

What did Madica and Flourish Ventures say about the extension?

Emmanuel Adegboye, Head of Madica, said the programme was established to test whether capital combined with hands-on company-building support could help overlooked African founders create world-class businesses capable of generating venture returns.

Adegboye emphasised that meaningful evidence requires time, noting that the programme's first three years had produced valuable lessons and encouraging early signals. Building enduring companies and assessing their venture outcomes, he said, takes longer.

He added that Flourish Ventures' continued commitment would enable Madica to apply its approach to a broader portfolio while strengthening support for founders. The goal is to produce evidence that other investors can use to inform their funding decisions and support models across Africa.

Efayomi Carr, Investment Partner at Flourish Ventures and Co-founder of Madica, reaffirmed the firm's conviction that African entrepreneurs can build globally competitive businesses when given the right capital and support. Carr said the first three years had strengthened that belief and expressed enthusiasm for continuing to support the programme.

What are Madica and Flourish Ventures?

Madica is an Africa-focused pre-seed investment programme affiliated with Flourish Ventures. It aims to support underrepresented and underfunded founders through early-stage capital and structured company-building assistance.

Flourish Ventures is a global early-stage venture capital firm that invests in entrepreneurs transforming financial systems. The firm manages US$850 million in assets and has a portfolio of more than 100 companies across the United States and emerging markets. Its portfolio includes companies such as Alloy, Flutterwave, Kin, Neon and Unit.

For Flourish Ventures, the additional commitment provides an opportunity to continue testing an investment model focused on founders and markets that may receive less attention from established venture capital networks.

Which startups are eligible to apply to Madica?

Madica continues to seek early-stage founders building businesses across Africa. According to the programme's stated eligibility criteria, startups must:

• Have a minimum viable product and demonstrate traction from paying customers.
• Have founders who are working full-time on the business.
• Have received little or no institutional funding.
• Be headquartered in Africa.

The programme's continued search for eligible startups aligns with its broader objective of identifying promising founders across the continent, including those operating outside established venture capital hubs.

With US$6 million in additional capital and a three-year extension, Madica will have more opportunities to test whether its investment and company-building model can help underserved founders develop sustainable, venture-scale businesses. The results could provide practical lessons for investors seeking to expand access to early-stage funding across Africa.