Madica, an Africa-focused pre-seed investment program backed by Flourish Ventures, has set aside $6 million to invest in early-stage technology startups and extend its operations by three years to support 25 - 30 companies.
The funding will expand the hands-on assistance Madica provides founders, helping them strengthen their businesses beyond the initial financial backing.
Launched as an experiment by Flourish Ventures, Madica aims to determine whether entrepreneurs overlooked by established venture capital firms can build businesses that generate venture-scale returns.
The latest funding will allow Madica to reach more entrepreneurs while continuing to assess whether combining early-stage capital with practical business support can help promising startups achieve sustainable growth.
For founders, Madica provides an alternative source of early-stage capital for startups with a minimum viable product but limited access to institutional funding. The program also offers mentorship, operational guidance, and investor connections to support business development.
