Pre-Seed Program Madica Secures $6M Extension from Flourish Ventures to Back Up to 30 African Startups

NAIROBI & LAGOS — Madica, an African pre-seed investment program affiliated with global fintech fund Flourish Ventures, 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.

Portfolio Track Record & Ecosystem Coverage

Launched in 2022 and led by Head of Madica Emmanuel Adegboye, 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 investmentin 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, 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, 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."

The Intelligence Engine for African Private Capital

Access complete transaction breakdowns, fund strategy updates, and market commentary directly on our platform.