Madica invests $1 million in five African startups

Madica, an Africa-focused investment programme backed by Flourish Ventures, has committed $1 million to five startups, providing $200,000 to each company. This latest round expands the programme’s reach into Algeria and Cameroon, markets that have historically received less attention from international venture capital compared to Nigeria, Kenya, South Africa, and Egypt.

Since its launch in 2022, Madica has grown its portfolio to 18 companies across 10 African markets. The programme’s strategy focuses on underfunded sectors, markets, and founder profiles, including a specific emphasis on female co-founders. Each of the five newly backed companies will participate in an 18-month support programme featuring mentorship, executive coaching, and access to an investor network.

Emmanuel Adegboye, head of Madica, noted that the programme aims to address market failures by backing high-potential startups in overlooked regions. He observed that early-stage startups increasingly require more capital for longer periods due to a widening gap between funding rounds.