Madica, an early-stage investment initiative dedicated to African startups, has secured $6 million from Flourish Ventures. This funding will enable the program to support 25 to 30 additional businesses over the next three years. The new capital aims to extend Madica’s reach beyond Africa’s established venture capital centers, where early-stage founders frequently face barriers in securing funding, receiving mentorship, or connecting with global networks.
Founded in 2022, Madica specifically targets entrepreneurs who lack institutional backing. Unlike traditional venture capital firms, which tend to concentrate on tech-focused hubs, Madica adopts a broader strategy, investing across industries and regions. So far, it has backed 18 startups operating in 10 African countries and 12 distinct sectors. Many of these companies have since attracted follow-on funding, with average subsequent rounds doubling Madica’s initial investments—though the program acknowledges that long-term returns have yet to materialize.
Interest in Madica’s offerings remains strong. The program has processed applications from founders in 78 countries and 28 sectors, with 40% of submissions originating from markets outside Africa’s four largest venture ecosystems. Madica emphasizes local ownership: all current portfolio companies are majority African-owned, and over half include at least one female co-founder. Women lead 39% of the businesses supported by Madica.
The additional funding will allow Madica to expand its operational model, which combines financial backing with mentorship, executive guidance, and access to professional networks. Emmanuel Adegboye, the program’s CEO, has repeatedly emphasized that a patient investment approach, paired with hands-on support, helps early-stage firms develop sustainable operations. The expansion reflects broader momentum in efforts to improve venture capital accessibility across Africa, particularly in regions often overlooked by mainstream investors.