Madica secures $6 million from Flourish Ventures for African startups

Madica, a structured pre-seed investment programme for African startups, has secured an additional $6 million from Flourish Ventures. This funding extends Madica’s investment pilot by three years.

The capital is intended to support investments in 25 to 30 additional companies, with individual investments of up to $200,000 each. Beyond capital, the programme will continue providing hands-on company-building support for founders in underserved markets and sectors.

Since its launch in 2022, Madica has backed 18 startups across 10 countries and 12 sectors. The programme reports that its portfolio companies have attracted follow-on funding averaging twice the amount of the initial investment. The three-year extension will allow the organisation to track longer-term outcomes, including potential exits and venture returns, to refine its investment model.