Madagascar
Africa · Pop. 32M · WithinWorldEMEALow Income Countries (UN definition)AfricaEastern AfricaSub-Saharan AfricaMadagascar
1 Overview
2 Latest quarter
Madagascar's latest quarter in venture capital
Venture capital raised by Madagascar-headquartered companies each quarter since 2020, split by round size, with detail on the latest complete quarter.
Latest complete quarter
Loading VC raised by Madagascar-headquartered companies…
3 Enterprise value
How much Madagascar’s VC-backed companies are worth
Combined enterprise value of VC-backed companies headquartered in Madagascar, founded since 1990 and still operating, at the end of each year. Companies stay in the total after they list or are acquired.
4 VC investment
How much venture capital flows into Madagascar
VC investment into Madagascar-headquartered, VC-backed companies, broken down by round size, company location, sector and funding stage.
5 Largest rounds
Largest funding rounds in Madagascar
A live treemap of $15M+ rounds from the Dealroom API. Each cell is one round into a company headquartered in Madagascar, grouped by Dealroom sector.
Largest rounds in Madagascar - 2024–2026
6 Location comparison
How Madagascar stacks up
Compare Madagascar with similarly sized ecosystems in Africa — switch between combined EV, 5-year EV growth, and a growth × size view. Expand the table for the full ranking.
Combined enterprise value of each ecosystem.
Top ecosystems in Africa ranked by combined EV. Madagascar's row is highlighted (#12).
| # | Ecosystem | Combined EV | EV growth | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | South Africa | $19.8B | 6.0× | 2 | $373.4M | 996 |
| 2 | Nigeria | $17.3B | 11.9× | 5 | $137.9M | 966 |
| 3 | Egypt | $12.3B | 9.6× | 4 | $230M | 861 |
| 4 | Kenya | $9.3B | 10.6× | 1 | $444.8M | 546 |
| 5 | Seychelles | $2.7B | — | 1 | $15.8M | 46 |
| 6 | Senegal | $2B | 98.9× | 1 | $13.5M | 51 |
| 7 | Mauritius | $1.9B | 29.4× | 0 | $19.5M | 43 |
| 8 | Ghana | $1.4B | 4.6× | 0 | $146.9M | 198 |
| 9 | Morocco | $1.2B | 16.1× | 0 | $20.4M | 150 |
| 10 | Tunisia | $1.1B | 37.3× | 0 | $5.3M | 116 |
| 11 | Algeria | $959.1M | — | 0 | $5.3M | 45 |
| 31 | Madagascar | $30.6M | — | 0 | $532.3K | 8 |
More data
Explore Dealroom data →Get the full Madagascar ecosystem on Dealroom
Live company-by-company deal flow, full cap tables, founder pedigrees, hiring signals and revenue trajectories.