---
title: "Madica Gets $6 Million From Flourish Ventures To Extend"
description: "Madica raised $6 million from Flourish Ventures to extend its African pre seed program by three years and invest in 25 to 30 more startups."
canonical_url: "https://liners.com/news/madica-6-million-flourish-ventures-pre-seed-extension"
markdown_url: "https://liners.com/news/madica-6-million-flourish-ventures-pre-seed-extension.md"
type: "article"
language: "en"
published_at: "2026-10-27T10:00:56.154Z"
updated_at: "2026-10-27T10:00:56.156Z"
---

# Madica Gets $6 Million From Flourish Ventures To Extend

Madica raised $6 million from Flourish Ventures to extend its African pre seed program by three years and invest in 25 to 30 more startups.

## Breadcrumbs

- [News](/news)
- [Madica Gets $6 Million From Flourish Ventures To Extend](/news/madica-6-million-flourish-ventures-pre-seed-extension)

## Content

## In Short
Madica, a pre-seed investment program for African startups, has raised $6 million from Flourish Ventures to extend its work by three years.

The funding will back 25 to 30 more companies and expand the hands-on support Madica provides after investing.

## What Happened: Why Flourish Ventures Extended Madica
Madica launched in 2022 as an experiment. Flourish Ventures is still treating it as a test of whether founders overlooked by established investors can build companies that return money at venture scale.

So far, Madica says it has backed 18 startups across 10 countries and 12 sectors. Those companies have gone on to raise, on average, twice what Madica invested in them, which the program describes as an early sign of investor confidence.

Madica also argues that early follow-on rounds are not the same as returns. It says venture investors make money when companies are sold or go public, and that this typically takes years. Emmanuel Adegboye, who heads Madica, said: “Three years have given us valuable lessons and encouraging early signals, but building enduring companies and assessing venture outcomes takes longer.”

## How Madica Works And Who It Focuses On
Madica does not focus on one sector. It combines pre-seed capital with structured company-building support.

Its portfolio spans more than a dozen sectors, including climate technology, semiconductors, artificial intelligence, human resources, biotechnology, and mobility.

Madica targets founders outside existing venture networks. It says every portfolio company is majority African-owned. More than half have at least one female co-founder, and 39 percent are led by female chief executives.

## Why It Matters: Demand Beyond Africa’s Biggest VC Markets
Madica says most venture money in Africa goes to four markets, Nigeria, Kenya, South Africa and Egypt. It reports receiving applications from 78 countries across 28 sectors, with about 40 percent coming from outside those four markets.

Madica says it wants its findings to be used by other investors to shape where early-stage funding goes across the continent. Adegboye said: “We want the resulting evidence to give other investors a model they can apply, shaping where funding goes and how founders are backed across Africa, well beyond Madica.”

Flourish Ventures said the first three years reinforced its view. Efayomi Carr, an investment partner at Flourish and a co-founder of Madica, said: “We retain our conviction that with the right capital and support, exceptional talent across Africa can build world-class businesses.”

Madica is accepting pitches through its website, but the application criteria list in the source text is cut off.

## Sources and products

- [Tech Labari](https://techlabari.com/madica-gets-6-million-to-keep-testing-a-bet-on-overlooked-african-founders)

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- [Funding & Acquisitions](/news)

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