Madica, an Africa-focused early-stage investment firm, has invested $800,000 in four startups across the continent. Each startup will receive $200,000 in funding. The startups are based in Tanzania, Egypt, Tunisia, and Morocco.
They operate in various sectors such as healthcare, femtech, e-mobility, and AI-powered voice analytics. The Tanzanian startup provides access to instant healthcare services through its first-line clinics. The Egyptian femtech company empowers Arab women with culturally sensitive health tools and diagnostics powered by AI.
The Tunisian e-mobility startup offers eco-friendly electric mobility solutions for urban travel. The Moroccan startup utilizes AI-powered voice analytics to help businesses extract insights from customer interactions.
Madica expands into North African market
This investment brings Madica’s total funding to $1.6 million across eight startups since its inception in 2022. The firm aims to invest in 30 African startups by 2025. 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, with a significant portion of our portfolio having female CEOs.”
Besides funding, the startups will benefit from hands-on mentorship and participate in immersion trips to key local and global tech ecosystems. Madica focuses on startups with a minimum viable product (MVP) and founders working full-time on their ventures. The investments in Egypt, Tunisia, and Morocco signify Madica’s strategic move into the North African market.
The firm’s broader portfolio also includes ventures in quick commerce, food-tech, renewable energy, and B2B e-commerce. Madica was launched in December 2022 by global venture capital firm Flourish Ventures. The firm’s goal is to facilitate growth and innovation across Africa’s burgeoning tech landscape.
