Madica, a Pan-African VC program, has recently invested approximately $800k in four new tech-enabled startups across Egypt, Morocco, Tanzania, and Tunisia. These startups include Medikea, Motherbeing, Pixii Motors, and ToumAI. Each startup received an investment of up to $200,000 and will benefit from a comprehensive 18-month support program offered by Madica. This program includes personalized mentorship, founder immersion trips to key ecosystems, executive coaching, and access to a global network of investors for follow-on funding.
This round of investments marks Madica’s debut in North Africa and demonstrates its commitment to supporting mission-driven founders in underrepresented markets. The portfolio companies cover diverse sectors such as AI, FemTech, Mobility, and Healthcare, with a focus on addressing critical challenges in these industries.
Launched in 2022 and affiliated with Flourish Ventures, Madica aims to bridge the gaps in Africa’s startup ecosystem by providing structured support to early-stage startups. The program focuses on addressing issues like limited access to capital, a scarcity of investors, and a lack of mentorship, ultimately fostering innovation and entrepreneurship across the continent.
The selected startups offer tech-driven solutions in rapidly expanding sectors. For instance, Medikea in Tanzania combines telemedicine and clinics to provide affordable healthcare services, while Motherbeing in Egypt empowers women with convenient wellness services tailored to their needs. Pixii Motors in Tunisia offers eco-friendly electric smart mobility solutions, and ToumAI in Morocco provides AI-powered voice solutions for enhancing customer interactions.
Emmanuel Adegboye, Head of Madica, expressed excitement about the diversity and potential of the new portfolio companies. He highlighted the program’s focus on gender diversity, geographical representation, and sectoral diversity in the startups it supports. The addition of accomplished entrepreneur Yoeal Haile as a mentor will further enhance the support provided to founders in scaling their ventures.
Since its inception, Madica has invested in startups like Kola Market, GoBeba, NewForm Foods, and Earthbond, advocating for gender diversity in African tech. The portfolio companies have benefited from founder immersion trips to key ecosystems, providing valuable insights and networking opportunities.
To pitch a startup to Madica, interested founders can visit the program’s website and ensure they meet the eligibility criteria. Startups must have a minimum viable product with proven traction, be headquartered in Africa, and have received limited institutional funding.
In conclusion, Madica’s latest investments underscore its commitment to supporting innovative startups in Africa and driving sustainable growth in key sectors across the continent. The program’s structured support and global network of investors position it as a valuable partner for early-stage entrepreneurs looking to scale their ventures.
