Africa-focused early-stage investment programme Madica has raised an additional $6 million from Flourish Ventures to expand funding opportunities for underserved startups across the continent over the next three years.
The new funding is expected to support approximately 25 to 30 additional startups, particularly businesses operating outside Africa’s major venture capital markets.
Established in 2022, Madica was created to address the challenges facing early-stage African entrepreneurs, including limited access to institutional funding, experienced mentors and international business networks.
The programme combines pre-seed investments with hands-on business development support, helping founders strengthen their operations and build sustainable businesses.
Unlike traditional venture capital programmes that concentrate on established technology hubs, Madica adopts a sector-independent approach, investing in businesses across different industries and geographical markets.
So far, the programme has invested in 18 startups across 10 African countries and 12 sectors. According to Madica, these businesses have subsequently attracted additional funding averaging approximately twice their initial investments from the programme. However, this figure represents follow-on funding rather than realised investment returns.
Madica has also reported significant interest from entrepreneurs, receiving applications from founders in 78 countries and 28 sectors. About 40 per cent of the applications came from outside Africa’s four largest venture capital markets, highlighting the demand for investment opportunities in less-established startup ecosystems.
The programme also emphasises African ownership and inclusive entrepreneurship. All companies in its current portfolio are majority African-owned, while more than half have at least one female co-founder. Women also lead approximately 39 per cent of the businesses as chief executives.
Madica Chief Executive Officer Emmanuel Adegboye highlighted the importance of combining patient capital with practical business support to help early-stage companies establish sustainable business models.
Beyond financial investment, the programme provides mentorship, executive coaching, professional networking opportunities and strategic business guidance.
The additional $6 million from Flourish Ventures will enable Madica to expand its portfolio, reach more emerging entrepreneurs and strengthen its presence across underserved African markets.
The development reflects growing efforts to broaden access to venture capital on the continent, particularly for startups operating outside traditional investment destinations.
