Madica, an Africa-focused early-stage investment firm, has announced $800,000 in pre-seed funding for four African startups. Each startup will receive $200,000, reflecting the growing trend among investors to prioritize businesses with strong revenue traction. This move comes as early-stage startups in Africa captured 9% of total venture funding in 2024.
The selected startups include:
- Medikea (Tanzania): Provides access to instant healthcare services through its network of first-line clinics.
- Motherbeing (Egypt): A femtech platform offering culturally sensitive health tools and AI-powered diagnostics for Arab women.
- Pixii Motors (Tunisia): An e-mobility startup focused on offering eco-friendly electric mobility solutions for urban travel.
- ToumAI (Morocco): Uses AI-powered voice analytics to help businesses extract actionable insights from customer interactions.
Expanding Madica’s Portfolio
Since its launch in December 2022 by global venture capital firm Flourish Ventures, Madica has invested $1.6 million across eight startups, with plans to invest $6 million in 30 African startups by 2025. The recent investments represent Madica’s first foray into North Africa, having previously focused on Southern and West African startups like NewForm Foods, Kola Market, GoBeba, and Earthbond.
“What’s particularly exciting is that we set out to build a portfolio with at least 50% gender diversity in leadership teams,” said Emmanuel Adegboye, Head of Madica. “We are currently exceeding that goal, with a significant portion of our portfolio having female CEOs.”
In addition to equity funding, Madica provides startups with hands-on mentorship, operational support, and immersion trips to key tech ecosystems locally and globally.
Focus on Emerging Technologies
The four startups align with Madica’s strategy to back high-growth businesses working with emerging technologies in healthtech, AI, and e-mobility. The investment firm also supports startups applying these technologies in established industries, including quick commerce, food tech, renewable energy, and B2B e-commerce.
Madica’s broader goal is to capitalize on these markets, which offer substantial growth potential. Success in these sectors could pave the way for profitable exits, positioning Madica as a key player in Africa’s expanding tech ecosystem.
Building for the Future
With an eye on long-term impact, Madica’s investment approach combines financial support with capacity-building initiatives to help startups grow sustainably. By fostering innovation and promoting diversity in leadership, Madica is not only nurturing the next wave of African entrepreneurs but also setting a precedent for inclusive investment practices on the continent.