Madica, an Africa-focused early-stage investment firm, has backed four African startups with $800,000 in pre-seed funding. The investment comes as investors shift their focus toward businesses with strong revenue traction after early-stage African startups secured 9% of total venture funding in 2024.
The selected startups include Medikea, a Tanzanian startup that provides access to instant healthcare services through its first-line clinics; Motherbeing, an Egyptian healthcare chat-based app for nursing mothers to get answers to health-related questions; Pixii Motors, a Tunisian e-mobility startup that builds electric motorcycles with swappable batteries; and ToumAI, a Moroccan startup that uses AI-powered voice analytics to help businesses extract insights from customer interactions.
Each startup will receive $200,000. With the latest investment, Madica has funded eight startups since 2022, investing $1.6 million across its portfolio companies. The four startups will also receive hands-on mentorship, and their founders will participate in immersion trips to key local and global tech ecosystems.
“What’s particularly exciting is that we set out to build a portfolio with at least 50% gender diversity in their leadership teams,” said Emmanuel Adegboye, Head of Madica. “We are currently exceeding that goal in addition to a significant portion of our portfolio having female CEOs.”
Launched in December 2022 by global venture capital firm Flourish Ventures, Madica offers equity funding to startups with a minimum viable product (MVP) and founders working full-time on their ventures. Madica plans to invest $6 million in 30 African startups by 2025.
Madica’s investments in Egypt, Tunisia, and Morocco mark the first time the investment firm is casting its net into the North African corridor. It previously only had Southern and West African startups in its portfolio, including NewForm Foods, Kola Market, GoBeba, and Earthbond.
The investments in healthtech, e-mobility, AI, and SaaS startups demonstrate Madica’s focus on high-growth businesses working with emerging technologies and startups applying these technologies in established industries. Its other investments in quick commerce, food-tech, renewable energy, and B2B e-commerce also proves this. For Madica, success in these markets could open the door to profitable exits.
