Flourish Ventures commits $6 million to Madica for African startups

Madica has secured $6 million from Flourish Ventures to support 25 to 30 more African startups over the next three years.

Funding Details

Madica, a pre-seed investment programme backed by Flourish Ventures, has received an additional $6 million to fund 25 to 30 more African startups, according to TechCabal. Each startup will receive up to $200,000 along with mentorship and support for 18 months. The funds are specifically for new pre-seed and seed deals, with no allocation for follow-on rounds.

Madica's new funding comes amidst a decline in early-stage funding in Africa. The number of startups raising between $100,000 and $1 million fell by 44% from the second half of 2025 to the first half of 2026, as reported by Africa: The Big Deal.

Programme Expansion

Since its launch in 2022, Madica has backed 18 startups across 10 countries and 12 sectors, including AI, climate technology, and biotechnology, according to Business Post Nigeria. The programme aims to challenge assumptions about where venture-scale businesses can emerge in Africa, focusing on markets and sectors that receive less attention from traditional venture capital networks.

Applications to Madica have come from 28 sectors and 78 countries, with 40% originating outside Africa's four largest venture capital markets: Nigeria, Kenya, Egypt, and South Africa, as noted by Business Day Nigeria.

Impact and Future Goals

Madica's portfolio companies have attracted, on average, twice the amount of Madica's initial investment in follow-on funding, indicating early investor confidence, according to Business Post Nigeria. Madica's Head, Emmanuel Adegboye, stated that the programme's goal is to provide evidence that overlooked founders can build globally competitive businesses with the right support.

The extended funding period will allow Madica to further test its investment model and gather data to refine its approach. The aim is to create a model that other investors can adopt, potentially increasing funding opportunities for founders outside the main venture capital hubs in Africa.

Sources

• techcabal.com: Flourish Ventures commits another $6 million to Madica’s startup programme
• businessday.ng: Madica secures $6m to back 30 more African startups after early funding gains
• Business Post Nigeria: Madica Secures $6m from Flourish Ventures to Back More African Startups

Prepared with AI from the sources below and our own data, reviewed by the editors before publishing.