Madica, an early-stage investment firm focused on Africa, has injected $800,000 into four startups, reinforcing its commitment to backing high-potential ventures. This investment aligns with a broader industry trend where investors are prioritizing startups with strong revenue traction, especially as early-stage African startups accounted for only 9% of total venture funding in 2024.
The four startups, each receiving $200,000, are:
- Medikea (Tanzania): A healthtech startup offering instant healthcare services through first-line clinics.
- Motherbeing (Egypt): A femtech company providing AI-driven, culturally tailored health tools and diagnostics for Arab women.
- Pixii Motors (Tunisia): An e-mobility startup developing sustainable electric transportation solutions for urban areas.
- ToumAI (Morocco): A SaaS startup utilizing AI-powered voice analytics to enhance customer interaction insights for businesses.
In addition to financial support, the selected startups will receive mentorship and participate in immersion programs across key tech ecosystems. With this latest funding round, Madica has now invested a total of $1.6 million across eight startups since 2022.
“Our goal was to build a diverse portfolio with at least 50% gender representation in leadership, and we’ve exceeded that target,” said Emmanuel Adegboye, Head of Madica. “Many of our portfolio companies also have female CEOs, which is a significant milestone.”
Established in December 2022 by global venture capital firm Flourish Ventures, Madica offers equity funding to startups with a minimum viable product (MVP) and dedicated full-time founders. The firm has set a goal of investing $6 million in 30 African startups by 2025.
For the first time, Madica has expanded into North Africa, making investments in Egypt, Tunisia, and Morocco. Until now, its portfolio primarily consisted of startups from Southern and West Africa, including NewForm Foods, Kola Market, GoBeba, and Earthbond.
With a focus on industries such as healthtech, e-mobility, AI, and SaaS, alongside previous investments in quick commerce, food-tech, renewable energy, and B2B e-commerce, Madica continues to bet on startups harnessing emerging technologies. By doing so, the firm positions itself for potential high-value exits in Africa’s evolving startup landscape.