Madica has announced it has secured an additional $6 million from Flourish Ventures to extend its investment pilot by three years and support 25–30 more companies across the continent.
Madica started operationj in 2022 and provides early-stage startups with capital and hands-on company-building support. It focuses on founders and markets often overlooked by traditional venture capital networks.
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The programme has backed 18 startups across 10 African countries and 12 sectors. Madica says its portfolio companies have attracted additional funding averaging twice the amount of Madica’s initial investments.
The extended pilot will allow Madica to assess how its investment model contributes to sustainable business growth and venture returns. It could also help generate insights that could help other investors identify opportunities across Africa.
Madica’s portfolio spans sectors including artificial intelligence, climate technology, semiconductors, biotechnology, human resources and mobility. More than half of its portfolio companies have at least one female co-founder, while 39% are led by female CEOs. All portfolio companies are majority African-owned.
“Three years have given us valuable lessons and encouraging early signals, but building enduring companies and assessing venture outcomes takes longer,” said Emmanuel Adegboye, Head of Madica.
“We retain our conviction that with the right capital and support, exceptional talent across Africa can build world-class businesses. Madica’s first three years have strengthened that belief, and we are excited to continue backing the team as they help more entrepreneurs achieve that mission,” said Efayomi Carr, Investment Partner at Flourish Ventures and Co-founder of Madica.
Madica is still accepting applications from early-stage African startups with a minimum viable product, paying customers, full-time founders, little or no institutional funding and headquarters on the continent.
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Also Read: Madica Launches “Zero to Funded” Guide to Help African Founders Navigate Pre-Seed Fundraising
