Flourish Ventures invests fresh $6 million in Madica’s startup programme

Flourish Ventures has provided an additional $6 million to back 25 to 30 more African startups through its investment program, Madica. This fresh capital will support entrepreneurs in starting and growing their businesses over the next three years. Each startup receives up to $200,000 in funding alongside 18 months of mentorship, executive coaching, and investor readiness assistance.

The entire $6 million will be allocated to new pre-seed and seed deals, with no funds reserved for follow-on rounds. Madica's funding comes as early-stage financing becomes increasingly scarce, with African startups raising between $100,000 and $1 million declining by 44% between the second half of 2025 and the first half of 2026.

Despite this funding gap, most of the available money remains concentrated in just four countries - Nigeria, Kenya, Egypt, and South Africa. Madica seeks to address this disparity by actively seeking out founders outside of these four markets. Since its launch in October 2022, Madica has backed 18 startups in 10 countries, with its initial investments beginning in 2024.

The company emphasizes that while its portfolio companies have collectively raised twice their original investment from other investors, the average does not reflect individual investment returns. Madica's portfolio is majority African-owned, with over half having at least one female co-founder and 39% led by a female CEO. The company plans to evaluate the success of its expanded program by measuring whether startups can transition from early traction to sustainable growth and generate venture returns.

If other investors follow Madica's lead, more funding could reach entrepreneurs beyond the traditionally funded markets, potentially catalyzing Africa's technical frameworks.