Madica, an Africa-focused early-stage investment firm, has announced an investment of $800,000 in four promising African startups, marking a strategic shift towards supporting businesses with robust revenue traction. Each startup will receive $200,000 as part of this initiative, which comes amid a challenging landscape where early-stage African startups garnered merely 9% of total venture funding in 2024, compelling investors to adopt a more selective approach.
The newly funded startups include:
- Medikea: A Tanzanian healthtech company providing instant access to healthcare services.
- Motherbeing: An Egyptian femtech startup leveraging AI to provide culturally sensitive health solutions tailored for Arab women.
- Pixii Motors: A Tunisian e-mobility venture focused on promoting eco-friendly urban transport solutions.
- ToumAI: A Moroccan AI-powered voice analytics platform designed to help businesses glean customer insights.
In addition to financial support, the selected startups will benefit from hands-on mentorship and have the opportunity to participate in immersion trips to key tech ecosystems, enhancing their growth prospects.
Emmanuel Adegboye, Head of Madica, emphasized the firm's dedication to promoting gender diversity within its portfolio. Notably, a significant portion of the companies backed by Madica are led by female CEOs, and the firm has surpassed its original goal of achieving 50% diversity.
Launched in December 2022 by Flourish Ventures, Madica has now invested a total of $1.6 million across eight startups, with plans to invest an ambitious $6 million in 30 startups by 2025. The firm's latest expansion into North Africa follows its previous focus on Southern and West Africa, showcasing Madica's strategic commitment to high-growth sectors such as healthtech, e-mobility, AI, and SaaS—areas poised for substantial value exits in the coming years.
As Madica strengthens its presence in North Africa and continues to champion innovation across the continent, the firm aims to play a pivotal role in shaping the future of African tech startups and fostering sustainable growth within the ecosystem.
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