Grace Ashiru
Africa-focused early-stage investment programme Madica has secured $6 million in additional funding from Flourish Ventures to expand its support for underserved African startups and extend its investment activities over the next three years.
The new capital will enable Madica to invest in approximately 25 to 30 additional startups, particularly businesses operating outside Africa’s established venture capital hubs.
Launched in 2022, Madica was created to address funding challenges experienced by early-stage entrepreneurs who lack access to institutional investors, experienced mentors, and international business networks.
The programme combines pre-seed investment with practical business development support, helping founders strengthen their operations and prepare for long-term growth.
Unlike traditional venture capital initiatives that concentrate on established technology ecosystems, Madica takes a sector-agnostic approach, supporting businesses across multiple industries and geographical markets.
According to the programme, it has already invested in 18 startups across 10 African countries and 12 sectors.
These businesses have subsequently attracted additional funding averaging approximately twice Madica’s initial investment in them, although this does not represent realised investment returns.
Madica has also recorded strong interest from entrepreneurs, receiving applications from founders operating across 78 countries and 28 sectors.
Approximately 40% of applications originated outside Africa’s four largest venture capital markets, highlighting demand for investment opportunities beyond established funding destinations.
The programme has maintained a strong focus on local ownership and inclusive entrepreneurship.
All companies in its current investment portfolio are majority African-owned, while more than half have at least one woman co-founder.
Additionally, women serve as chief executives at approximately 39% of Madica-backed businesses.
Chief Executive Officer Emmanuel Adegboye has emphasised the importance of combining patient capital with practical support to help early-stage companies develop sustainable business models.
The additional funding from Flourish Ventures will allow Madica to extend its investment programme and assess the commercial progress of a larger portfolio.
Beyond providing capital, the initiative offers founders mentorship, executive coaching, access to professional networks, and assistance with business strategy.
The investment reflects continued interest in expanding venture capital access across Africa, especially in markets that traditionally attract limited institutional funding.
Through its expanded programme, Madica aims to demonstrate that promising businesses can emerge across diverse African markets when entrepreneurs receive appropriate financial and operational support.
