Founders outside Africa’s big venture hubs just got a better shot at early cash. Madica, backed by Flourish Ventures, has secured another $6 million.
Flourish Ventures has given Madica an extra $6 million to run its pilot for three more years. The money will back 25 to 30 more companies. Madica has so far backed 18 startups in 10 countries and 12 sectors. It also pays for hands-on support to founders that big investor networks often miss. The extension lets Madica test whether its model can build lasting firms and real returns.
Madica launched in 2022 with one question. Can founders in Africa’s overlooked markets build world-class firms if they get the right cash and support? Early signs are good, it says. Its startups have raised follow-on funding averaging twice the size of Madica’s first cheque. Madica sees that as an early vote of confidence from other investors.
The pilot’s early deals were around $200,000 each, according to TechCrunch’s 2024 report. At that size, $6 million stretches to about 30 companies, which fits the programme’s target. Founders also join for up to 18 months of tailored support and mentorship. Madica calls this company building.
The next three years are about evidence. Madica will track how a bigger group of startups turns early gains into steady growth. It will study its own model and follow longer-term results, such as exits and returns. It plans to share the lessons with other investors.
Emmanuel Adegboye, who heads Madica, called it “an experiment.” The test was whether pairing capital with hands-on support could help overlooked founders deliver venture outcomes. He said meaningful evidence “would require years of investment, support and learning.”
The portfolio spans climate tech, chips, AI, HR, biotech and mobility. Applications have come from 78 countries and 28 sectors. About 40% came from outside Africa’s four biggest venture markets. That points to strong demand from founders far from the usual hubs.
Madica says every portfolio company is majority African-owned. More than half have a female co-founder, and 39% have a woman as chief executive. Efayomi Carr, a Flourish Ventures partner and Madica co-founder, said the first three years strengthened the team’s belief in African founders. With the right funding and support, she said, they can build globally competitive firms.
Applications remain open. Madica wants early-stage startups based in Africa. They need a working product, a few paying customers, a full-time founder and little or no institutional funding. Founders can pitch on the Madica website.
Why it matters: Pre-seed is where many African founders get stuck. Big rounds go to a few known firms and cities. Founders elsewhere struggle to fund a first product. A programme that pairs cash with practical help, and shares what it learns, can show other investors where good firms hide. If Madica’s results hold up, more capital may flow to founders outside the usual hubs.
What to watch next: the next Madica investments and which countries and sectors they reach. Also watch how many portfolio firms raise follow-on rounds, and the first exit or return data.
Sources: Madica announcement, 27 October 2026; TechCrunch on Madica’s pre-seed programme.
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