Madica, an Africa-focused early-stage investment firm with a structured investment program for pre-seed stage companies, has announced its support for four innovative African startups through a total of $800,000 in pre-seed funding. This investment comes at a time when investors are increasingly prioritizing businesses that demonstrate strong revenue traction, particularly as early-stage African startups accounted for 9% of total venture funding in 2024.
The selected startups benefiting from this funding include:
- Medikea: A Tanzanian startup that provides instant access to healthcare services through its network of first-line clinics, making healthcare more accessible to the population.
- Motherbeing: An Egyptian healthcare app designed for nursing mothers, offering a chat-based platform where they can receive answers to health-related inquiries, thus supporting maternal health.
- Pixii Motors: A Tunisian e-mobility startup focused on manufacturing electric motorcycles equipped with swappable batteries, promoting sustainable transportation solutions.
- ToumAI: A Moroccan startup leveraging AI-powered voice analytics to help businesses derive valuable insights from customer interactions, enhancing customer engagement and service.
Each of these startups will receive $200,000 in funding. With this latest round of investment, Madica has now funded a total of eight startups since its inception in 2022, with a cumulative investment of $1.6 million across its portfolio. In addition to financial support, the selected startups will benefit from hands-on mentorship, and their founders will have the opportunity to participate in immersion trips to key local and global tech ecosystems.
Emmanuel Adegboye, Head of Madica, expressed enthusiasm about the firm’s commitment to gender diversity, stating, “What’s particularly exciting is that we set out to build a portfolio with at least 50% gender diversity in their leadership teams. We are currently exceeding that goal, with a significant portion of our portfolio featuring female CEOs.”
Founded in December 2022 by the global venture capital firm Flourish Ventures, Madica aims to provide equity funding to startups that have developed a minimum viable product (MVP) and have founders dedicated full-time to their ventures. The firm has set an ambitious goal to invest $6 million in 30 African startups by 2025.
Madica’s recent investments in Egypt, Tunisia, and Morocco represent a strategic expansion into the North African corridor, marking the first time the firm has ventured into this region. Previously, its portfolio primarily consisted of startups from Southern and West Africa, including notable companies like NewForm Foods, Kola Market, GoBeba, and Earthbond.
The focus on healthtech, e-mobility, AI, and SaaS startups underscores Madica’s commitment to supporting high-growth businesses that leverage emerging technologies, as well as those applying these innovations within established industries. The firm’s investments in sectors such as quick commerce, food-tech, renewable energy, and B2B e-commerce further illustrate its strategy, as success in these markets could pave the way for profitable exits in the future.
