Madica secures $6m from Flourish Ventures

Madica, a structured pre-seed investment programme for African startups, has secured $6 million in additional capital from Flourish Ventures, a global early-stage venture firm, according to Africa Private Equity News. The programme was launched in 2022 to test whether pairing capital with hands-on company-building support could help founders in Africa's overlooked markets, sectors and networks build globally competitive businesses. To date, the sector-agnostic programme has backed 18 startups across 10 countries and 12 sectors.

Emmanuel Adegboye, head of Madica, described the programme as an experiment designed to generate evidence on early-stage venture investing in Africa, a process he said would require years of investment, support and learning. He said the three years of operations have provided valuable lessons and encouraging early signals, but that building enduring companies and assessing venture outcomes takes longer. The new capital, he said, will allow Madica to build on those lessons, test its conviction across a broader portfolio and deepen its company-building support. Adegboye added that the goal is for the resulting evidence to give other investors a model they can apply to shape where funding goes and how founders are backed across Africa.

Madica's portfolio spans climate tech, semiconductors, artificial intelligence, human resources, biotech and mobility. Efayomi Carr, investment partner at Flourish Ventures and co-founder of Madica, said the firm retains its conviction that exceptional talent across Africa can build world-class businesses given the right capital and support, and that the programme's first three years have strengthened that belief.

Reports from other outlets, including Tech Build Africa, Techeconomy, TechAfrica News and Wamda, cover the same funding round. Wamda's headline frames the raise as enabling Madica to invest in up to 30 African startups, a figure not stated in the primary source.