Madica Expands Into North Africa With $800,000 Investment in Startups

Madica, an early-stage investment firm focused on Africa, has injected $800,000 into four startups, marking its first venture into North Africa.

As investors shift towards revenue-generating businesses, Madica has backed four promising startups, each receiving $200,000 in pre-seed funding. These include Tanzania’s Medikea, which provides instant healthcare services, and Egypt’s Motherbeing, an AI-driven femtech startup catering to Arab women’s health needs. Tunisia’s Pixii Motors focused on eco-friendly electric mobility, and Morocco’s ToumAI, which utilises AI-powered voice analytics for customer insights, also cut.

Since its launch in 2022 by Flourish Ventures, Madica has invested $1.6 million in eight startups. Intending to fund 30 African startups by 2025, the firm is pushing for diversity, with over 50% of its portfolio companies featuring women in leadership roles.

Emmanuel Adegboye, Head of Madica said, “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 in addition to a significant portion of our portfolio having female CEOs.”

Madica’s expansion into North Africa is a significant shift, having previously focused on West and Southern African markets. Its portfolio spans industries like health tech, AI, e-mobility, and SaaS, underscoring a commitment to high-growth sectors. With plans to invest $6 million by 2025, Madica aims to drive innovation across the continent while positioning itself for lucrative exits in Africa’s evolving startup ecosystem.