The additional capital extends Madica’s pre-seed investment pilot by three years, building on a portfolio of 18 startups across 10 African countries.
Madica, an investment programme supporting underrepresented and underfunded African founders, has secured $6 million in additional capital from Flourish Ventures to extend its investment pilot by three years.
The programme plans to invest in 25–30 additional startups while expanding its hands-on company-building support for founders underserved by established venture capital networks.
Launched in 2022, Madica has backed 18 startups across 10 countries and 12 sectors, combining pre-seed funding with structured support. Its portfolio companies have attracted additional funding equivalent to an average of twice Madica’s original investment.
The programme has received applications from 78 countries across 28 sectors, with 40% coming from outside Africa’s four largest venture capital markets. All companies in its portfolio are majority African-owned, more than half have at least one female co-founder, and 39% are led by female CEOs.
The extended pilot will allow Madica to track how its portfolio companies develop over time, assess their progress towards venture-scale outcomes and evaluate the effectiveness of its investment and company-building model. The findings are intended to provide practical insights for other investors looking to support founders in underserved African markets.
Madica continues to accept applications from early-stage African startups. Eligible companies must be headquartered in Africa, have a minimum viable product with some paying customers, have founders working full-time and have received little or no institutional funding.
Apply here: Madica
Source: Madica
