Madica Program Raises $6 Million to Expand Investments in African Startups
The Madica program, which specializes in supporting pre-seed startups in Africa, has announced the securing of an additional $6 million in funding from Flourish Ventures. This funding aims to extend the pilot program for an additional three years, with a plan to support between 25 to 30 new startups across the continent.
An Investment Model Focused on Underserved Markets
The Madica program was established in 2022 under the leadership of Emmanuel Adegboye as an entity under Flourish Ventures, with the goal of bridging the funding gap faced by African startups that do not receive sufficient attention from traditional venture capital networks. The program adopts a sector-agnostic approach, with its current portfolio including 18 startups distributed across 12 technical sectors, including artificial intelligence, climate tech, semiconductors, and biotechnology.
What Changes Practically?
The new funding will allow Madica to scale its operations and provide deeper support in company building. Practically, the program aims to:
- Increase the number of supported companies by an additional 25-30.
- Provide a longer evaluation period to monitor the growth of the investment portfolio and achieve returns.
- Gather concrete evidence regarding the ability of startups in neglected African markets to build globally competitive business models.
Current data indicates initial success, as companies in the Madica portfolio have managed to attract additional funding equivalent on average to double the initial investment provided by the program. The program also focuses deliberately on diversity, as more than half of the companies have at least one female co-founder, while women lead 39% of these companies.
Investment Criteria and Future Direction
The program targets startups headquartered in Africa that possess a Minimum Viable Product (MVP) with an actual customer base, focusing on companies that have not received significant institutional funding or have received none at all. Those running the program view this experience not just as a financial investment, but as an attempt to provide a practical model that other investors can adopt to strengthen the startup ecosystem in Africa.