• Wamda reports, in an item dated 27 October 2026, that Flourish Ventures committed an additional $6 million to extend the Madica pilot by three years, targeting 25–30 more startups.
• Madica says it has invested in 18 startups across 10 African countries and 12 sectors, and that follow-on funding averages twice its initial investment.
• The cheque size for the new phase is not disclosed; the only per-company figure in the sources is $200,000, reported for a February 2025 round of four companies.
• The 2x follow-on figure comes with no count of how many companies raised, so it cannot be benchmarked against seed-graduation rates elsewhere.
• Madica's earlier deals included companies in Egypt, Morocco and Tunisia, so the programme overlaps with MENA founders, though the Wamda item names no country for the 18.

Flourish Ventures has committed another $6 million to Madica, extending the pre-seed pilot by three years and aiming at 25–30 more startups, according to a Wamda item dated 27 October 2026. The number worth pricing is not the new money but the claim attached to the old money: Madica says follow-on funding averages twice its initial investment. For a pre-seed vehicle, that ratio is the nearest thing to a traction metric on offer, and it arrives without the denominator.

What Wamda reports was committed

Wamda reports that the $6 million will fund new pre-seed investments in 25–30 early-stage companies, expanded company-building support and a longer evaluation period. Madica launched in 2022 and says it has invested in 18 startups across 10 African countries and 12 sectors. The item does not disclose a per-company cheque for the new phase, and it does not say how the $6 million divides between investment capital and support costs. Those terms remain unconfirmed.

The 2x follow-on figure, read carefully

Wamda reports that follow-on funding averages twice Madica's initial investment. Read literally, that means later capital raised by portfolio companies is about double the programme's first cheque. It does not say how many of the 18 companies raised, in which rounds, or at what valuations. A mean can be carried by one or two companies. Until Madica publishes the count of companies that raised and the stage of each round, the ratio is a self-reported signal, not a benchmark.

Cheque size: the only number on record

The only per-company figure in the sources is from LaunchBase Africa, which reported in February 2025 that Madica put $800,000 into four startups, $200,000 each, bringing the portfolio to eight companies and $1.6 million since December 2022. That describes one earlier round, not the extension. If a $200,000 cheque were applied to a 2x follow-on average, the implied later capital would be about $400,000 per company on average, but that arithmetic is illustrative only.

Where MENA founders show up

The February 2025 round LaunchBase Africa described included Motherbeing in Egypt, ToumAI in Morocco and Pixii Motors in Tunisia, alongside Medikea in Tanzania. That makes Madica a live pre-seed source for North African founders, though Wamda's item does not name the countries behind the current 18. Wamda also reports that 40% of applications come from outside Africa's four largest venture markets, which suggests deal flow is not confined to the usual hubs.

Verdict: credible commitment, unproven returns

The extension shows Flourish Ventures is willing to keep funding the model after three years, and that is a real signal. It is not evidence of returns. The 2x follow-on figure is self-reported, the sample is 18 companies, and the new phase's terms are undisclosed. Founders should treat Madica as an active early cheque. Investors should wait for the share of portfolio companies that closed priced seed rounds, which would settle the question.