Madica Secures $6 Mn from Flourish Ventures to Invest in 30 African Startups

Launched in 2022, Madica is a sector-agnostic investment programme that supports African entrepreneurs who have limited access to traditional venture capital networks. It combines early-stage funding with company-building assistance to help founders develop and grow their businesses.

Funding to Support Early-Stage Startups

The additional capital will help Madica make new pre-seed investments, provide more support to portfolio companies and evaluate their long-term growth and investment returns. The extended programme will also help the team assess how its funding and support model contributes to building sustainable businesses.

Madica has invested in 18 startups across 10 African countries and 12 sectors. Its portfolio includes businesses working in artificial intelligence (AI), climate technology, semiconductors, biotechnology, human resources and mobility.

According to the programme, its portfolio companies have attracted additional funding averaging twice the amount initially invested by Madica. These results provide early indications of investor interest, although the programme will continue evaluating the companies' long-term performance.

Focus on Underrepresented Founders

Madica aims to support promising entrepreneurs who are often overlooked by established venture capital networks. All companies in its portfolio are majority African-owned, more than 50% have at least one female co-founder, and 39% are led by female CEOs.

The programme has also received applications spanning 28 sectors and 78 countries, with 40% of applications coming from outside Africa's four largest venture capital markets. These figures highlight the range of entrepreneurial activity and the potential for investment beyond the continent's main startup hubs.

Emmanuel Adegboye, Head of Madica, said the additional commitment would allow the programme to build on its early lessons, support more founders and evaluate investment outcomes over a longer period.

Eligibility for Madica's Investment Programme

Madica continues to accept applications from early-stage startups headquartered in Africa. Eligible companies must have a minimum viable product (MVP), a few paying customers, full-time founder involvement and little or no institutional funding.

The programme's extended investment period is intended to help more founders access early-stage capital and structured business support while generating further evidence about venture investment opportunities across Africa.

About Madica

Madica is an Africa-focused, sector-agnostic pre-seed investment programme launched in 2022 and affiliated with Flourish Ventures. Led by Emmanuel Adegboye, it provides early-stage funding and hands-on company-building support to founders who have limited access to traditional venture capital networks.

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