The most recent round of investments in four tech-enabled startups—Medikea, Motherbeing, Pixii Motors, and ToumAI—was announced by Madica, a structured investment program intended for pre-seed businesses in Africa.
Established in 2022, Madica is a sector-neutral investment program created to fill structural gaps in Africa’s startup ecosystem. It is associated with the fintech-focused venture capital firm Flourish Ventures.
The program addresses important issues like restricted access to funding, a lack of investors, inadequate mentorship, and the absence of organized assistance required for startups to address pressing problems and promote innovation, entrepreneurship, and wealth generation throughout the continent.
Madica has now announced investments in four startups, doubling its previous total of four: Tunisian mobility startup Pixii Motors, Moroccan CX platform ToumAI, Egyptian AI-based wellbeing service Motherbeing, and Tanzanian e-health platform Medikea.
With an investment of up to US $200,000, each startup will take part in Madica’s extensive investment program, which includes two fully-funded week-long founder immersion trips to important local and global ecosystems—London and Cape Town—as well as 18 months of support through a highly customized curriculum and practical mentorship.
Additionally, the portfolio companies will have access to executive coaching opportunities and Madica’s global investor network for follow-on funding, all of which are intended to promote growth and guarantee the startups’ long-term sustainability.
“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 in addition to a significant portion of our portfolio having female CEOs. Additionally, these investments span eight different countries and six diverse sectors, which is exactly the kind of portfolio diversity Madica aims to achieve across underrepresented geographies, sectors, and founder profiles,” said Emmanuel Adegboye, head of Madica.
