Madica, the pre-seed funding programme backed by US enterprise agency Flourish Ventures, has acquired $6 million in contemporary capital from Flourish to again 25 to 30 extra African startups over the following three years.
Each startup will nonetheless rise up to $200,000, plus 18 months of mentorship, government teaching and investor-readiness assist. All $6 million will go into new pre-seed and seed offers, and none is put aside for follow-on rounds, Madica stated in an announcement shared with TechCabal on Tuesday. The firm stated a separate funds pays for founder assist however didn’t disclose the figures.
Madica’s new backing comes as early-stage funding turns into more durable to safe. African startups elevating between $100,000 and $1 million fell from 179 within the second half of 2025 to 100 within the first half of 2026, a 44% decline, according to Africa: The Big Deal, a funding tracker.
Yet, a lot of the cash that does circulate stays in 4 international locations. Nigeria, Kenya, Egypt and South Africa took 82% of startup funding in 2025, although they’re dwelling to about 30% of Africa’s folks. Madica’s $200,000 cheques are within the vary traders are pulling again from, and it goes wanting for founders outdoors these 4 markets
When Flourish launched Madica in October 2022, it put aside $6 million to again 25 to 30 startups over three years, with an equal quantity for founder assist. Madica has backed 18 startups in 10 international locations thus far, and its first investments came in 2024.
“Three years have given us valuable lessons and encouraging early signals, but building enduring companies and assessing venture outcomes takes longer,” stated Emmanuel Adegboye, Head of Madica.
Madica says its portfolio corporations have gone on to lift, on common, twice its funding from different traders. On a $200,000 cheque, that’s about $400,000 in follow-on funding per firm, signalling its early-stage bets are drawing the follow-on capital that the majority African pre-seed startups battle to seek out.
In its assertion to TechCabal, Madica described this as a portfolio common, so some corporations have raised much less, and the determine says nothing about funding returns.
Every firm within the portfolio is majority African-owned. More than half have not less than one feminine co-founder, and 39% have a feminine CEO. In September, Madica made its first investments in Algeria and Cameroon. Adegboye instructed TechCabal on the time that Madica now co-invests in most offers as a result of a $200,000 cheque alone usually isn’t sufficient.
Madica stated it is going to decide the extension by whether or not its startups flip early traction into lasting development and present they’ll ship enterprise returns. It desires different traders to repeat what works. If they do, extra early cash may attain founders outdoors Nigeria, Kenya, Egypt and South Africa, the place 40% of Madica’s functions already come from.
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