Madica, an Africa-focused early-stage investment firm, has invested $800,000 in four African startups, providing each with $200,000 in pre-seed funding. This investment comes as investors shift their attention to startups with solid revenue traction, following the rise of early-stage African startups securing 9% of total venture funding in 2024.
The selected startups include Medikea, a Tanzanian healthcare provider offering instant healthcare services through first-line clinics; Motherbeing, an Egyptian femtech company empowering Arab women with AI-powered health tools and diagnostics; Pixii Motors, a Tunisian e-mobility startup providing eco-friendly electric mobility solutions for urban travel; and ToumAI, a Moroccan startup utilizing AI-powered voice analytics to extract insights from customer interactions.
With this latest round of funding, Madica has now invested $1.6 million in eight startups since its launch in 2022. In addition to funding, the startups will receive hands-on mentorship and participation in immersion trips to key local and global tech ecosystems.
Emmanuel Adegboye, Head of Madica, highlighted the firm’s commitment to gender diversity in its portfolio, noting that they have exceeded their goal of 50% gender diversity in leadership teams, with a significant number of female CEOs.
Madica, launched in December 2022 by Flourish Ventures, is on track to invest $6 million in 30 African startups by 2025. Its investment in healthtech, e-mobility, AI, and SaaS startups marks the firm’s expansion into North Africa, following previous investments in Southern and West African startups.
The firm’s strategy of supporting high-growth businesses utilizing emerging technologies is evident in its portfolio, which includes investments in quick commerce, food-tech, renewable energy, and B2B e-commerce. Madica’s focus on these industries is expected to lead to profitable exits, further driving the firm’s success.
