Madica Invests $800,000 in Four African Startups to Drive Innovation and Expansion
Madica, an Africa-focused early-stage investment firm, has announced an $800,000 investment in four promising African startups, with each receiving $200,000 in pre-seed funding. This investment aligns with a growing shift in investor interest towards early-stage African startups, which secured 9% of total venture capital funding across the continent in 2024.
Selected Startups Benefiting from Madica’s Investment:
- Medikea (Tanzania) – A healthcare platform providing instant medical services through primary care clinics.
- Motherbeing (Egypt) – A femtech startup empowering Arab women with AI-driven health tools and diagnostic solutions.
- Pixii Motors (Tunisia) – An e-mobility company offering eco-friendly electric transport solutions for urban areas.
- ToumAI (Morocco) – A tech startup using AI-powered voice analytics to extract insights from customer interactions.
This latest funding round brings Madica’s total investment to $1.6 million across eight startups since its inception in 2022. In addition to financial support, these startups will benefit from hands-on mentorship and immersion trips to key African and international tech hubs.
Commitment to Gender Diversity: Emmanuel Adegboye, Head of Madica, emphasized the firm’s dedication to fostering gender diversity. He highlighted that Madica has exceeded its target of 50% gender diversity within leadership teams, with a notable presence of female CEOs in its portfolio.
Madica’s Investment Strategy: Launched in December 2022 by Flourish Ventures, Madica is on course to invest $6 million in 30 African startups by 2025. This latest investment marks the firm’s strategic expansion into North Africa, having previously focused on startups from Southern and West Africa. The firm has shown a keen interest in startups across key sectors, including:
- Healthtech
- E-mobility
- Artificial Intelligence (AI)
- Software as a Service (SaaS)
Supporting African Startups Beyond Funding
Beyond the financial injection, Madica offers tailored mentorship and facilitates global exposure through immersion trips, ensuring that portfolio startups gain the knowledge and networks needed to scale successfully.
Future Outlook
With Africa’s startup ecosystem maturing and attracting increasing global interest, Madica aims to play a pivotal role in identifying and nurturing the continent’s next wave of innovative startups. The firm’s focus on gender diversity, alongside its investments in transformative sectors like healthtech and AI, positions it as a leading catalyst for growth within Africa’s dynamic entrepreneurial landscape.
