# Investors based in Madagascar (2026 list) > 11 investors based in Madagascar. Led by Axian Group, Fonds Souverain Malagasy, JHA Fund. Ranked by what they funded. Source: https://millionrounds.com/lists/investors-based-in-madagascar (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Investors based in Madagascar Updated 7 November 2026 Firms headquartered in Madagascar, ordered by what we have observed them do rather than by what they claim to invest in. Where a firm sits is not where it invests; for that, see investors in Madagascar. [See all 11 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-madagascar)The top 11 **11** investors on the list No change this week **0** cheques in 12 months Too few cheques to tell **$4M** median round they joined *-50%* against the market median **0%** wrote a cheque in 12 months **0%** have led a round ## The Top 11 Ordered by cheques observed, never by anything anyone paid for - 1 [Axian Group](https://millionrounds.com/fund/axian-group) quiet VC firm · Madagascar **4** **$4M** median round **Oct 2025** last seen - 2 [Fonds Souverain Malagasy](https://millionrounds.com/fund/fonds-souverain-malagasy) unknown Investment firm · Madagascar **none observed** **-** median round **-** last seen - 3 [JHA Fund](https://millionrounds.com/fund/jha-fund) unknown Investment firm · Madagascar **none observed** **-** median round **-** last seen - 4 [Jaca Incubator](https://millionrounds.com/fund/jaca-incubator) unknown Incubator · Madagascar **none observed** **-** median round **-** last seen - 5 [Madagascar Development Fund (MDF)](https://millionrounds.com/fund/madagascar-development-fund-mdf) unknown Investment firm · Madagascar **none observed** **-** median round **-** last seen - 6 [Madagascar Protected Areas and Biodiversity Fund](https://millionrounds.com/fund/madagascar-protected-areas-and-biodiversity-fund) unknown Investment firm · Madagascar **none observed** **-** median round **-** last seen - 7 [Miarakap](https://millionrounds.com/fund/miarakap) unknown Accelerator · Madagascar **none observed** **-** median round **-** last seen - 8 [SOLIDIS](https://millionrounds.com/fund/solidis) unknown Investment firm · Madagascar **none observed** **-** median round **-** last seen - 9 [SONAPAR](https://millionrounds.com/fund/sonapar) unknown Private equity · Madagascar **none observed** **-** median round **-** last seen - 10 [YARA INVEST](https://millionrounds.com/fund/yara-invest) unknown Investment firm · Madagascar **none observed** **-** median round **-** last seen - 11 [ACIPE SA](https://millionrounds.com/fund/acipe-sa) unknown Family office · Madagascar **none observed** **-** median round **-** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **16** Oct **[Chari](https://millionrounds.com/company/chari)** Series A · $12M *With* [Axian Group](https://millionrounds.com/fund/axian-group) - **12** Sept **[Nucleon Security](https://millionrounds.com/company/nucleon-security)** Seed · $3.5M *With* [Axian Group](https://millionrounds.com/fund/axian-group) - **10** Apr **[PayTic](https://millionrounds.com/company/paytic)** Seed · $4M *With* [Axian Group](https://millionrounds.com/fund/axian-group) - **8** Oct **[WiASSUR](https://millionrounds.com/company/wiassur)** Round *With* [Axian Group](https://millionrounds.com/fund/axian-group) ## Cheques by Quarter Led Joined Q1 25 1 Q2 25 1 Q3 25 1 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 The last bar is the quarter still running. ## Lists Like This - [Investors based in United States 73,439](https://millionrounds.com/lists/investors-based-in-united-states) - [Investors based in United Kingdom 8,136](https://millionrounds.com/lists/investors-based-in-united-kingdom) - [Investors based in Canada 3,879](https://millionrounds.com/lists/investors-based-in-canada) - [Investors based in India 3,865](https://millionrounds.com/lists/investors-based-in-india) - [Investors based in Germany 3,455](https://millionrounds.com/lists/investors-based-in-germany) - [Investors based in China 3,027](https://millionrounds.com/lists/investors-based-in-china) - [Investors based in United Arab Emirates 2,916](https://millionrounds.com/lists/investors-based-in-united-arab-emirates) - [Investors based in Australia 2,592](https://millionrounds.com/lists/investors-based-in-australia) - [Investors based in France 2,280](https://millionrounds.com/lists/investors-based-in-france) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about investors based in Madagascar ### Who are the most active investors based in Madagascar? By cheques observed, the most active are Axian Group, Fonds Souverain Malagasy, JHA Fund, Jaca Incubator and Madagascar Development Fund (MDF). ### How many investors based in Madagascar are there? 11 are on record. 0% made an investment in the last 12 months. ### What have investors based in Madagascar invested in recently? Recent rounds include Chari (Series A, Oct 2025, with Axian Group), Nucleon Security (Seed, Sept 2025, with Axian Group) and PayTic (Seed, Apr 2025, with Axian Group). ### How is this list of investors based in Madagascar ranked? By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night. Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)