Madica, a startup investment program, has secured an additional $6 million from Flourish Ventures. This funding will extend its African pre-seed investment pilot by three years. The program can now back another 25 to 30 startups. Madica aims to test whether early-stage capital and hands-on support can produce venture-scale businesses across the continent. The program launched in 2022 and targets founders and markets that have historically received limited venture capital attention.
Since its launch, Madica has backed 18 startups across 10 African countries and 12 sectors. Some of the startups that have received funding include GoBeba, Kola Market, and NewForm Foods, each receiving $200,000 from the program. Other portfolio companies are Medikea, Motherbeing, Pixii Motors, and ToumAI. Madica's portfolio companies have attracted additional funding averaging twice the amount of its original investments. This indicates a positive growth trajectory for these startups.
The program has continued to expand its portfolio with new investments. In April 2026, Madica announced $600,000 in investments in Kilimo Fresh, Hakimu, and Biovana. In September, it announced investments of up to $1 million in five startups. This extended its reach into Algeria and Cameroon. The program's investments cover a wide range of sectors and countries.
Applications to Madica have been diverse, covering 28 sectors and 78 countries. About 40% of applications come 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. This diversity is a key aspect of Madica's investment strategy.
The extended program will target startups with a minimum viable product and early traction. These startups should have a few paying customers and founders who work full-time on their businesses. They must have received little or no institutional funding and be headquartered in Africa. Eligible startups can apply through Madica's website. The program's focus is on supporting early-stage startups.
Emmanuel Adegboye, Head of Madica, explained the decision to extend the program. He sees this as an experiment that needs more time to produce durable businesses and returns. The additional funding will allow Madica to invest in 25 to 30 more startups. It will continue to assess whether its model can help overlooked founders build businesses capable of attracting further investment.
Efayomi Carr, an Investment Partner at Flourish Ventures and Madica co-founder, expressed confidence in the program's potential. She believes that capital and the right support can help exceptional African talent build world-class businesses. The program's goal is to support startups that can deliver venture-scale returns. Madica's extended program is set to make a significant impact on the African startup ecosystem.
Key points
- Madica secures $6 million to fund 25-30 more African startups.
- The program targets founders and markets with limited venture capital attention.
- Madica's portfolio companies have attracted additional funding averaging twice the amount of its original investments.
