Madica, an Africa-focused early-stage investment firm, has invested $400,000 in two artificial intelligence (AI) companies and partnered with the African Business Angel Network (ABAN) to expand access to early-stage capital across the continent.
The selected companies are Anavid, a Tunisian startup that integrates with existing CCTV systems to detect theft, and Hypeo AI, a Moroccan software as a service (SaaS) startup that automates influencer marketing. The move highlights Madica’s deeper strategy to connect institutional investors and angel networks to make early capital more accessible to African founders. It also reveals its focus on businesses working with emerging technologies and applying them in already established sectors.
Each company will receive $200,000 and join Madica’s 18-month training, where they will receive mentorship and participate in immersion trips to key local and global tech ecosystems. The founders will also connect to Madica’s global investor network.
“The founders we’ve just welcomed are visionaries, building solutions with the power to uplift communities and shape industries,” Emmanuel Adegboye, Head of Madica, said. “ We’re proud to stand with them as they take on the next stage of their journey.”
In February, Madica backed four African startups—Medikea, Motherbeing, Pixii Motors, and ToumAI—with $800,000 pre-seed funding across the healthcare, e-mobility, and artificial intelligence sectors. These new investments bring Madica’s tally to ten startups in total, investing $2 million across its portfolio companies.
During the ABAN Congress in Lagos, Madica has also partnered with the network, which boasts over 5,000 angel investors across 37 African countries and the diaspora. This partnership will allow ABAN angels to co-invest in companies and jointly participate in fundraising activities, providing access to capital for African startups.
“Our collaboration with Madica helps bridge the gap between angel investors and institutional capital, ensuring that more funding comes from within the continent, and that startups everywhere in Africa can access the right type of support to scale,” said Yemi Keri, President of ABAN.
Madica, which stands for Made-in-Africa, was launched in 2022 as an affiliate of Flourish Ventures, a global early-stage venture firm that backs fintechs. The company plans to invest $6 million in 30 African startups by 2025.