Madica, an Africa-focused early-stage investment firm backed by global venture capital firm Flourish Ventures, has announced its first investments in North Africa, signaling a broader geographic strategy. The firm has disbursed $800,000 in pre-seed funding to four startups across the continent, each receiving $200,000. This investment comes at a time when investors are increasingly prioritizing businesses demonstrating revenue traction, following a period in which early-stage African startups secured 9% of total venture funding in 2024.
The selected companies represent diverse sectors and geographies. They include Medikea, a Tanzanian startup offering instant healthcare services through first-line clinics; Motherbeing, an Egyptian femtech company empowering Arab women with culturally sensitive health tools and AI-powered diagnostics; Pixii Motors, a Tunisian e-mobility startup providing eco-friendly electric vehicles for urban travel; and ToumAI, a Moroccan startup leveraging AI-powered voice analytics to help businesses extract insights from customer interactions.
This round of funding brings Madica’s total investments to $1.6 million across eight portfolio companies since its launch in December 2022. Beyond capital, the selected startups will receive mentorship and participate in immersion trips to key tech ecosystems, both locally and internationally.
“What’s particularly exciting is that we set out to build a portfolio with at least 50% gender diversity in their leadership teams,” said Emmanuel Adegboye, Head of Madica. “We are currently exceeding that goal, with a significant portion of our portfolio having female CEOs.”
Madica ’s move into North Africa marks a significant expansion, having previously concentrated its investments in Southern and West Africa, with portfolio companies like NewForm Foods, Kola Market, GoBeba, and Earthbond. The firm’s current investments span healthtech, e-mobility, AI, and SaaS, reflecting a focus on high-growth businesses utilizing emerging technologies and applying them to established industries. This aligns with their broader portfolio, which includes investments in quick commerce, food-tech, renewable energy, and B2B e-commerce. Successful exits in these diverse markets could prove lucrative for Madica.
Madica’s parent company, Flourish Ventures, focuses on mission-driven fintech entrepreneurs globally. The Madica program, however, is sector-agnostic, aiming to address challenges faced by early-stage African founders, including limited access to capital, networks, mentorship, and training. Madica plans to invest $6 million in 30 African startups by 2025, offering not only funding but also multi-year programmatic support. This support includes a curated panel of experienced African operators who will mentor the founders, with incentives tied to the companies’ success. Madica also intends to share a portion of its financial returns with the broader ecosystem.
“Although investment is booming on the continent, funds are often disproportionately targeted at a few well-networked entrepreneurs and skewed towards the more prominent tech hubs,” Mr. Adegboye noted. “Unlike other programs, Madica is sector-agnostic and intends to double down on providing hands-on support, extensive resources, access to networks, and more. This is why, in addition to $6M of investment capital, we have reserved an equal amount for programmatic support.”
Madica operates an open application process, encouraging founders from across the continent, particularly those outside major tech hubs and those led by women, to apply. The program emphasizes local founders and those working in frontier sectors. Eligible startups must have a minimum viable product, founders working full-time on the venture, and limited or no prior institutional funding.
Ameya Upadhyay, Venture Partner at Flourish Ventures, added, “Madica is an investment in the African venture ecosystem, with the audacious goal of creating a broader systemic shift. Through Madica, we intend to develop a cadre of mentors, create world-class programming, crowd-in follow-on capital, and leverage Flourish’s global presence to extend the reach of local networks. These will eventually benefit other participants in the ecosystem — startups, investors, and policymakers.” He expressed hope that Madica can contribute to changing the narrative around African startups, lowering perceived risk, attracting more capital, inspiring more founders, and garnering increased media attention.