Madica lands $6M to extend African pre-seed pilot to 30 more startups
What's the deal? MadicaDealroom has a profile for this one. Try Dealroom →, an Africa-focused pre-seed investment programme, has secured $6 million from co-founder and fintech investor Flourish VenturesDealroom has a profile for this one. Try Dealroom → to extend its investment pilot by three years. The capital will let it back 25 to 30 more early-stage startups across the continent.
Why now? Launched in 2022 as a sector-agnostic experiment, Madica set out to test whether founders in overlooked African markets can build venture-scale businesses with patient capital and hands-on support. Three years in, head of Madica Emmanuel Adegboye said building enduring companies "takes longer," and the new commitment buys time to gather evidence across a broader portfolio.
What's the track record? Madica has backed 18 startups across 10 countries and 12 sectors, spanning climate tech, semiconductors, AI, biotech, HR technology, and mobility. Its portfolio companies have raised follow-on funding averaging twice Madica's initial investment, which it calls an early signal of investor confidence.
Every portfolio company is majority African-owned, more than half have at least one female co-founder, and 39% are led by female chief executives. Eligible startups must be headquartered in Africa, have a minimum viable product with paying customers, and have received little or no institutional backing.
The ecosystem angle: The raise lands in a Q3 funding environment where African venture investment rose but deal activity stayed soft, with capital concentrating in more mature companies and early-stage startups facing tighter access, according to KPMG. Madica's commitment is modest next to peers such as Catalyst FundDealroom has a profile for this one. Try Dealroom →, which hit a $30 million second close this year for 40 climate-focused African startups, but its focus sits squarely in the constrained pre-seed tier.
The signal: By doubling down on a dedicated pre-seed pipeline in overlooked markets — including first investments in Algeria and Cameroon — Madica is betting that structured support can prove where venture-scale businesses emerge in Africa. Its follow-on figures are an early signal, not yet proof of long-term returns.
Read more: itweb.africa, wamda.com, madica.vc
Image credit: Generated with Gemini
