Funding
Madica Secures $6 Million From Flourish Ventures to Extend Pre-Seed Pilot Three Years
By News Desk ·
Key takeaways
- Madica secured an additional $6 million commitment from Flourish Ventures to extend its pre-seed investment pilot by three years.
- Madica has invested in 18 startups across 10 African countries and 12 sectors since launching in 2022.
- Madica's portfolio companies have attracted additional funding averaging twice its initial investment, and more than half have at least one female co-founder.
Madica has secured an additional $6 million commitment from Flourish Ventures to extend its pre-seed investment pilot by three years, targeting 25-30 more early-stage startups across Africa. Wamda.com reported the commitment on October 27, 2026.
Madica's Three-Year Extension and Portfolio Record
Launched in 2022 and led by Emmanuel Adegboye, Madica is a sector-agnostic investment programme affiliated with Flourish Ventures. It provides early-stage funding and hands-on company-building support to African founders underserved by traditional venture capital networks.
Madica has invested in 18 startups across 10 African countries and 12 sectors, including AI, climate technology, semiconductors and biotechnology. Its portfolio companies have subsequently attracted additional funding averaging twice Madica's initial investment, while more than half have at least one female co-founder.
The additional capital will support new pre-seed investments, expanded company-building assistance and a longer evaluation period to assess portfolio growth and investment returns. Eligible startups must be headquartered in Africa, have a minimum viable product with paying customers and have received little or no institutional funding.
"Three years have given us valuable lessons and encouraging early signals, but building enduring companies and assessing venture outcomes takes longer," Adegboye said. "Flourish Ventures' continued commitment gives us the capital to build on those lessons and test our conviction across a broader portfolio while deepening our company-building support."
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 with the right capital and support.
Madica's Earlier Deployments and Angel Network Tie-Up
According to akta.pro company records, Madica deployed approximately $600,000 into three startups across Tanzania, Kenya and Nigeria in April 2026. The same records show each investment is up to $200,000 using SAFEs with variable valuation caps, and that the programme runs for 18 months for each company, with mentorship, executive coaching, immersion trips and access to global investor networks.
| Recorded figure | Detail |
|---|---|
| $200,000 per startup | Maximum investment via SAFEs with variable valuation caps |
| Approximately $1.6 million | Total portfolio investment as of early 2025, across 8 startups |
| Approximately $600,000 | Deployed into three startups in April 2026 |
Company records also show Madica formed a strategic partnership with the African Business Angel Network in October 2025, announced at the annual ABAN Congress in Lagos, enabling deal flow sharing and co-investment with more than 5,000 angel investors across 37 African countries.
Ubitium and Starlab Among Recent Funding Peers
Other early-stage raises reported in the same week include Ubitium, which raised $14 million in seed funding led by Ibex Investors, bringing total seed funding to $18 million, according to Telconews. Starlab Space is seeking $300 million in Series A funding via preferred units, The Motley Fool reported.
TechStartups reported at least $790 million in startup financing on October 22, 2026, including Xona Space Systems' $250 million round at a $2.45 billion valuation.