Flourish Ventures has committed an additional $6 million to Madica, its Africa-focused pre-seed investment programme, to support another 25 to 30 early-stage startups across the continent. Announced on October 27, 2026, the funding will extend Madica’s investment pilot by three years and expand its support for entrepreneurs who struggle to access traditional venture capital.
The commitment highlights the importance of early-stage financing in Africa’s startup ecosystem, where promising founders often face difficulties securing their first institutional investment. Beyond providing capital, Madica aims to help entrepreneurs build sustainable businesses through mentorship, operational guidance and access to industry networks.
Launched in 2022, Madica was established to support founders operating in underserved markets, sectors and professional networks. Unlike investment programmes focused on a single industry, it takes a sector-agnostic approach, backing technology businesses with potential to grow into competitive companies.
According to information released by Madica, the programme has invested in 18 startups across 10 African countries and 12 sectors. Its portfolio includes businesses operating in artificial intelligence, climate technology, semiconductors, biotechnology, human resources technology and mobility.
The additional funding will allow Madica to invest in more companies while extending its hands-on company-building support. The programme also intends to track portfolio performance over a longer period to assess whether its approach can produce sustainable growth and attractive returns for investors.
Madica reports that its portfolio companies have attracted additional funding averaging twice their initial investment from the programme. While this indicates early investor interest, it does not establish that the businesses have achieved profitability or delivered successful exits.
The programme also emphasises founder diversity. All companies in its portfolio are majority African-owned, more than half have at least one female co-founder, and 39% are led by female chief executives.
These figures matter in a funding environment where entrepreneurs outside established technology hubs and investor networks can struggle to gain visibility. By widening its search for promising businesses, Madica hopes to demonstrate that venture-scale opportunities exist beyond the continent’s best-known startup markets.
The new commitment comes at a time when African startups need more than headline-grabbing funding rounds. Many early-stage companies require patient capital to develop products, establish customer demand and build reliable revenue models before they can attract larger investors.
Madica’s approach combines financing with practical business support, potentially helping founders address challenges such as customer acquisition, hiring, governance and expansion. If successful, the model could also encourage other investors to consider businesses that might otherwise be overlooked.
However, follow-on funding alone is not a complete measure of success. The programme’s longer evaluation period should help determine whether its investments translate into stronger businesses, sustainable growth and successful exits.
The additional $6 million gives Madica an opportunity to expand its portfolio and strengthen its investment model over the next three years. Eligible startups must be headquartered in Africa, have a minimum viable product with paying customers, have full-time founders and have received little or no institutional funding.
The investment is about more than supporting another group of startups. It is an attempt to demonstrate that entrepreneurs across Africa can build competitive businesses when financing is combined with the right expertise and networks.
For the continent’s technology ecosystem, the results could offer valuable lessons on how to direct capital towards overlooked founders and create a stronger pipeline of investable companies.
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