Flourish puts another $6 million into African startup fund Madica
Flourish Ventures has put a further $6 million into Madica to back 25 to 30 more African pre-seed and seed startups over three years.
The facts
- According to TechCabal, Flourish Ventures has given Madica $6 million in fresh capital to back 25 to 30 more African startups over three years, with up to $200,000 per startup plus 18 months of mentorship and coaching.
- All $6 million goes into new pre-seed and seed deals, with nothing set aside for follow-on rounds. Madica says a separate budget funds founder support but did not disclose the figures.
- Africa: The Big Deal data cited by TechCabal shows startups raising $100,000 to $1 million fell from 179 in the second half of 2025 to 100 in the first half of 2026, a 44% decline.
- Madica says it has backed 18 startups in 10 countries. It says portfolio companies have raised on average twice its investment from other investors, a portfolio average that says nothing about returns.
Case notes · Danny's take
Why it matters
Early money is drying up in the exact cheque range Madica writes. That makes this a rare move in the other direction. It also targets a real imbalance: Nigeria, Kenya, Egypt and South Africa took 82% of startup funding in 2025, yet hold about 30% of Africa's people. A founder in Algeria or Cameroon is not short of ideas. They are short of the first $200,000. Whether this model works is still an open question, and Madica itself says venture outcomes take longer to judge.
For builders
If you are building outside the big four markets, this is a funding door worth knowing about. Expect co-investors on most deals, since Madica says a $200,000 cheque alone often isn't enough, so come ready for investor conversations, not just the first cheque.
Not financial advice. Do your own investigation.
This story was summarised with AI from TechCabal's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.