Flourish Ventures Puts $6M More Into Madica to Back African Startups

By Daniel Okafor

Flourish Ventures has committed $6 million in additional capital to Madica, extending the pre-seed investment program for African startups by three years. The money will back 25–30 more companies and deepen the hands-on company-building support Madica gives founders who sit outside established venture capital networks.

Madica launched in 2022 as an experiment. Its founding thesis: exceptional founders in Africa's overlooked markets, sectors and networks can build globally competitive businesses when they get the right capital and the right support. Three years in, Flourish is doubling down on that bet.

What has the pilot achieved so far?

The sector-agnostic program has backed 18 startups across 10 countries and 12 sectors. It pairs patient pre-seed capital with structured, operational support rather than writing checks and stepping back.

The early returns signal investor confidence. Portfolio companies have attracted, on average, twice Madica's original investment in follow-on funding. That multiple matters because Madica's core question is whether these founders can reach the commercial outcomes that challenge assumptions about where venture-scale businesses can emerge in Africa.

How inclusive is the portfolio?

The numbers show a deliberate strategy, not accident:

• Every portfolio company is majority African-owned
• More than 50% have at least one female co-founder
• 39% are led by female CEOs

Demand runs far wider than the portfolio itself. Applications have come from 28 sectors and 78 countries, and 40% of them originate outside Africa's four largest venture capital markets. That spread signals untapped entrepreneurial potential across the continent and the shortage of inclusive funding pathways to reach it.

The portfolio now spans more than a dozen sectors, including climate-tech, semiconductors, AI, HR, biotech and mobility.

What changes with the extension?

The extended pilot has a research purpose as much as a funding one. Madica will track how companies across a broader portfolio convert early traction into sustained growth. It will examine what role its investment and support model plays in that progress, and it will assess whether the program can generate venture returns through exits.

Emmanuel Adegboye, head of Madica, framed the extension as a continuation of the original test. "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, and in many ways, our work sits at the intersection of the very many questions that underpin the state of early-stage venture investing in Africa," he said.

Adegboye was direct about the timeline. "Three years have given us valuable lessons and encouraging early signals, but building enduring companies and assessing venture outcomes takes longer," he said. "We want the resulting evidence to give other investors a model they can apply, shaping where funding goes and how founders are backed across Africa, well beyond Madica."

The findings will refine Madica's own approach and give other investors practical lessons they can adapt.

Why did Flourish renew?

Efayomi Carr, Investment Partner at Flourish Ventures and Co-founder of Madica, said the first three years validated the thesis rather than weakening it. "We retain our conviction that with the right capital and support, exceptional talent across Africa can build world-class businesses. 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," Carr said.

Who can pitch Madica?

Madica continues to accept applications from early-stage founders across Africa. Eligible startups must meet four conditions:

• A minimum viable product with proven traction from a few paying customers
• Founder or founders engaged full-time
• Little or no institutional funding
• Headquarters in Africa

Founders apply through the Madica website.

The next three years will decide whether Madica's evidence moves from encouraging signals to exits. If it does, other investors across Africa will have a tested model to copy.