Madica Secures USD 6 M From Flourish Ventures To Back More African Startups

Madica, an Africa-focused pre-seed investment programme launched in 2022 and affiliated with Flourish Ventures, has secured an additional USD 6 M from the global venture firm to extend its investment pilot by three years.

The programme will use the funding to back 25-30 additional startups and expand its hands-on company-building support for underserved founders across the continent.

Since launching, Madica has invested in 18 startups across 10 African countries and 12 sectors, with portfolio companies raising an average of twice their Madica investment in follow-on funding.

Led by Emmanuel Adegboye, the programme targets majority African-owned businesses and has backed companies across sectors including AI, climate tech, biotech, mobility and semiconductors. More than half its portfolio companies have at least one female co-founder.