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# Pre-Seed Program Madica Secures $6M Extension from Flourish Ventures to Back Up to 30 African Startups
- URL: https://www.africainvestorreview.com/pre-seed-program-madica-secures-6m-extension-from-flourish-ventures-to-back-up-to-30-african-startups/
- Published: 2026-10-27T12:44:00.000Z
- Updated: 2026-10-28T00:55:36.000Z
- Description: The sector-agnostic investment vehicle extends its African pre-seed pilot by three years, targeting overlooked founders across non-traditional venture capitals, emerging tech verticals, and non-key regional markets.
- Author: Charles S.
- Tags: Venture Capital, West Africa, North Africa, East Africa, Southern Africa, Central Africa

**NAIROBI & LAGOS** — [**Madica**](https://www.linkedin.com/company/madica-vc/home/?ref=africainvestorreview.com), an African pre-seed investment program affiliated with global fintech fund [**Flourish Ventures**](https://www.linkedin.com/company/flourishventures/home/?ref=africainvestorreview.com), has secured an additional **$6.0 million** capital commitment from Flourish to extend its structured investment pilot by three years.

The follow-on allocation extends Madica's operational roadmap to back **25 to 30 additional early-stage African technology companies**. The program provides equity cheques of up to **$200,000** paired with 18 months of hands-on venture-building support, tailored executive coaching, and global investor introductions.

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## Portfolio Track Record & Ecosystem Coverage

Launched in 2022 and led by Head of Madica [**Emmanuel Adegboye**](https://www.linkedin.com/in/eaadegboye/?ref=africainvestorreview.com), the program was designed as an institutional mechanism to test whether pairing patient pre-seed capital with hands-on company building can generate venture returns from under-networked founders:

- **Portfolio Scale:** To date, Madica has deployed capital into **18 startups across 10 African countries** and 12 distinct technology verticals.
- **Follow-on Capital Multiplier:** Portfolio companies have attracted, on average, **twice Madica's initial investment**in follow-on co-investments and subsequent funding rounds.
- **Sector Diversity:** Portfolio companies span AI, semiconductors, climate tech, biotechnology, healthtech, mobility,and human resources software.
- **Geographic Reach:** Applications to the program have spanned **78 countries and 28 sectors**, with **40% originating outside Africa's four primary venture capital ecosystems** (Nigeria, Kenya, South Africa, and Egypt).
- **DEI & Ownership Metrics:** Every portfolio company is majority African-owned, **over 50% feature at least one female co-founder**, and **39% are led by female chief executives**.

## Investment Mandate & Eligibility Criteria

Madica operates a non-cohort, rolling investment process. Eligible pre-seed startups must meet the following parameters:

- **Stage & Traction:** Must possess a functional Minimum Viable Product (MVP) with early evidence of paying customer traction.
- **Institutional Capital Limits:** Must have received little to no previous institutional venture capital.
- **Operational Footprint:** Must be headquartered and operating on the African continent, with full-time dedicated co-founders.

## Executive Statements

> "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," stated [**Emmanuel Adegboye**](https://www.linkedin.com/in/eaadegboye/?ref=africainvestorreview.com), Head of Madica. "Flourish Ventures’ continued commitment gives us the capital to build on those lessons and test our conviction across a broader portfolio while deepening our company-building support."

> "We retain our conviction that with the right capital and support, exceptional talent across Africa can build world-class businesses," added [**Efayomi Carr**](https://www.linkedin.com/in/efayomi-carr-9269a323/?ref=africainvestorreview.com), 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."

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