On Wednesday, Madica, an Africa-focused early-stage investment firm, announced an $800,000 investment in four African startups.
The pre-seed funding aims to support businesses with strong revenue traction, aligning with the shifting focus of investors after early-stage African startups secured 9 percent of total venture funding in 2024.
Read also: Verto launches $15,000 Global Business Award to empower African startups
Madica invests $800,000 in four promising African startups
Madica is allocating $800,000 across four carefully selected African startups that demonstrate promising innovations in healthtech, e-mobility, and AI.
Each startup will receive $200,000 in pre-seed funding and participate in Madica’s intensive 18-month investment program. The program focuses on providing customised support, mentorship, and resources to fuel growth and secure future funding.
Supporting healthtech, e-mobility, and AI innovations in Africa
The investment will enable these startups to develop their innovative solutions further and expand their reach across the African market.
The chosen startups, Medikea, Motherbeing, Pixii Motors, and ToumAI, are pioneering new approaches in their respective fields, addressing critical challenges and creating new opportunities for growth and development.
Madica’s support aims to empower these companies to scale their operations and make a lasting impact on their communities.
Read also: SIA Foundry Accelerator Program for Nigerian startups: Apply now
The four startups selected for this investment are:
Medikea: A Tanzanian digital healthcare platform founded by Elvis Silayo and Desire Ruhinda, integrating telemedicine and in-person facilities to provide primary and speciality healthcare.
ToumAI: A Moroccan startup founded by Odin Demassieux, Imade Benelallam, and Yousef Rhamani, utilising AI and LLM multilingual voice analytics for customer insights and voice solutions. ToumAI recently secured a $1 million investment to address AI limitations in Africa.
Motherbeing: An Egyptian startup founded by Nour Emma and Yousef Elsamaa, offering AI-driven health and wellness solutions for Arab women, including AI assistance, educational content, and diagnostic services.
Pixii Motors: Anis Fekih and Wafa Dhifi founded a Tunisian startup that provides eco-friendly electric mobility for urban travel and last-mile delivery.
Emmanuel Adegboye, Head of Madica, expressed enthusiasm about the firm’s commitment to gender diversity, stating, “What’s particularly exciting is that we set out to build a portfolio with at least 50 percent gender diversity in their leadership teams. We are currently exceeding that goal, with a significant portion of our portfolio featuring female CEOs.”
With this investment, Madica has funded eight startups since 2022, investing a total of $1.6 million across its portfolio. By 2025, Madica plans to invest $6 million in 30 African startups.
These investments in North Africa mark the first for Madica, which previously focused on Southern and West African startups like NewForm Foods, Kola Market, GoBeba, and Earthbond.