Flourish Ventures Puts $6 Million Behind Madica's Africa Pre-Seed Push

Flourish Ventures has committed an additional $6 million to Madica, extending the Africa-focused pre-seed investment programme by three years and targeting 25–30 more startups across the continent.

The deal, announced today, triples down on an experiment launched in 2022. Madica, led by Head of Madica Emmanuel Adegboye, has so far backed 18 startups across 10 African countries and 12 sectors. Its portfolio companies have attracted additional funding averaging twice Madica's initial investment — an early signal of investor confidence, according to the programme.

The new capital buys time as much as deal flow. Madica will use the extension to track how early traction turns into sustained growth across a broader portfolio, and to assess whether its model can generate venture returns through exits.

What has Madica actually built so far?

The numbers are concrete. Eighteen companies. Ten countries. Twelve sectors, including AI, climate technology, semiconductors, biotechnology, HR and mobility. Applications have come in from 28 sectors and 78 countries, with 40% originating outside Africa's four largest venture capital markets.

The portfolio's ownership profile is deliberate. Every company is majority African-owned. More than 50% have at least one female co-founder. Some 39% are led by female CEOs. Madica frames these figures as proof that established investment networks have overlooked talent sitting in plain sight, and that the continent's untapped entrepreneurial potential demands more inclusive funding pathways.

What does the $6 million change?

The extension funds three things: new pre-seed investments, expanded company-building support, and a longer evaluation window to measure portfolio growth and investment returns. The pilot's original purpose stays intact — to build evidence that challenges assumptions about which founders and markets can produce venture-scale businesses in Africa.

Madica's model pairs patient pre-seed capital with structured, hands-on support. The programme says its findings will help refine its approach and give other investors practical lessons they can adapt, shaping where funding goes across the continent well beyond Madica itself.

Adegboye put the stakes plainly. "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," he said. "From the outset, we knew that gathering meaningful evidence would require years of investment, support and learning."

He added: "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 support."

Flourish Ventures is equally explicit about its reasoning. "We retain our conviction that with the right capital and support, exceptional talent across Africa can build world-class businesses," said Efayomi Carr, Investment Partner at Flourish Ventures and Co-founder of Madica. "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."

Who qualifies for the money?

Madica has published clear eligibility criteria. Startups must:

• Be headquartered in Africa
• Have a minimum viable product with proven traction from paying customers
• Have founders engaged full-time
• Have received little or no institutional funding

The programme remains sector-agnostic and continues to accept pitches through its website.

The bet now moves to its hardest test. Madica has shown it can find founders outside traditional networks and attract follow-on capital at twice its entry cheques. The next three years will show whether those early signals hold across a portfolio nearly twice the size — and whether the exits arrive to prove the venture case.