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Madica, a structured pre-seed investment programme for African startups, has secured $6 million in additional capital from Flourish Ventures, a global early-stage venture firm.
Launched in 2022, Madica set out to demonstrate that founders in Africa’s overlooked markets, sectors and networks can build globally competitive businesses with the right capital and support. The sector-agnostic programme has since backed 18 startups across 10 countries and 12 sectors, combining patient pre-seed capital with structured, hands-on company-building support.
“Madica was launched as an experiment to test whether pairing capital with hands-on company-building support could help overlooked founders building world-class businesses generate venture outcomes, and in many ways, our work sits at the intersection of the very many questions that underpin the state of early-stage venture investing in Africa. From the outset, we knew that gathering meaningful evidence would require years of investment, support and learning”, said Emmanuel Adegboye, head of Madica.
“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. We want the resulting evidence to give other investors a model they can apply, shaping where funding goes and how founders are backed across Africa, well beyond Madica”, he continued.
Madica’s portfolio spans sectors including climate tech, semiconductors, artificial intelligence, human resources, biotech and mobility.
“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.
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