Madica, an Africa-focused early-stage investment firm, has recently provided $800,000 in pre-seed funding to support four African startups. This investment reflects a growing interest in businesses with strong revenue traction, especially after early-stage African startups secured a notable portion of total venture funding in 2024.
The selected startups include Medikea, Motherbeing, Pixii Motors, and ToumAI, from Tanzania, Egypt, Tunisia, and Morocco, respectively. Each of these startups will receive $200,000 in funding. Madica has now funded a total of eight startups since 2022, with investments totaling $1.6 million across its portfolio companies. In addition to funding, the startups will also benefit from hands-on mentorship and participation in immersion trips to key local and global tech ecosystems.
Emmanuel Adegboye, Head of Madica, expressed excitement about the firm’s commitment to building a diverse portfolio, aiming for at least 50% gender diversity in leadership teams. Madica, launched in December 2022 by Flourish Ventures, offers equity funding to startups with a minimum viable product (MVP) and founders dedicated full-time to their ventures. The firm plans to invest $6 million in 30 African startups by 2025.
Madica’s recent investments in Egypt, Tunisia, and Morocco represent its expansion into the North African corridor, having previously focused on Southern and West African startups. The firm’s focus on supporting high-growth businesses utilizing emerging technologies within various industries showcases its strategic investment approach. Success in these markets could lead to profitable exits for Madica and its portfolio companies.