Flourish Ventures has invested $6 million in Madica, a pre-seed investment programme for African startups. The money extends its pilot by three years and will fund 25 to 30 more companies.
Madica says the extra time will let it test whether overlooked African founders can build businesses that deliver venture returns. It will also deepen the company-building support it gives them.
The programme launched in 2022 and has backed 18 startups so far, spanning ten countries and 12 sectors. On average, these companies, including ChipMango and Medikea, have raised twice what Madica invested, an outcome the firm sees as an early sign of investor confidence.
Read: Madica expands into Algeria and Cameroon with five new African startup bets
The extended pilot will follow how these companies turn early traction into lasting growth. It will also study how Madica’s investment and support model shaped that progress and whether exits could produce venture returns. Madica says the findings will help it refine its approach and that other investors can adapt the lessons.
“Madica was launched as an experiment to test whether pairing capital with hands-on company-building support could help overlooked founders,” said Emmanuel Adegboye, Head of Madica.
The early lessons are encouraging, he says, adding that building enduring companies takes longer. “We want the resulting evidence to give other investors a model they can apply,” he noted.
Demand for the programme is widespread, according to Madica. Applications have come from 78 countries and 28 sectors. About 40% came from outside Africa’s four largest venture markets.
The portfolio reflects that spread. The companies it has backed are building solutions in climate tech, semiconductors, AI, HR, biotech and mobility, among other areas.
Every company is majority African-owned, more than half have at least one female co-founder, and 39% have a female CEO.
Efayomi Carr, Investment Partner at Flourish Ventures and co-founder of Madica, said the first three years strengthened the firm’s belief in African talent. “We are excited to continue backing the team,” he said.
Last updated: October 27, 2026
