Madica has secured an additional $6 million from Flourish Ventures to extend its African pre-seed investment pilot by three years, giving the programme capacity to back another 25 to 30 startups as it tests whether early-stage capital and hands-on support can produce venture-scale businesses across the continent.
Launched in 2022, Madica targets founders and markets that have historically received limited venture capital attention. The programme has backed 18 startups across 10 African countries and 12 sectors. TechMoran covered the programme’s launch in 2022.
“We see this as an experiment that needs more time to produce durable businesses and returns,” said Emmanuel Adegboye, Head of Madica, explaining the decision to extend the programme.
The additional funding will allow Madica to invest in 25 to 30 more startups while continuing to assess whether its model can help overlooked founders build businesses capable of attracting further investment and delivering venture-scale returns.
Madica said its portfolio companies have attracted additional funding averaging twice the amount of its original investments. Its investments include GoBeba, Kola Market and NewForm Foods, which each raised $200,000 from the programme, and Medikea, Motherbeing, Pixii Motors and ToumAI.
The programme has continued expanding its portfolio. In April 2026, it announced $600,000 in investments in Kilimo Fresh, Hakimu and Biovana. In September, it announced investments of up to $1 million in five startups, extending its reach into Algeria and Cameroon.
Applications to Madica have covered 28 sectors and 78 countries, 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.
“We remain convinced that capital and the right support can help exceptional African talent build world-class businesses,” said Efayomi Carr, an Investment Partner at Flourish Ventures and Madica co-founder.
The extended programme will target startups with a minimum viable product and early traction, including a few paying customers. Founders must work full-time on their businesses, have received little or no institutional funding, and be headquartered in Africa. Eligible startups can apply through Madica’s website.
