Madica Invests in Four African Startups to Drive Innovation and Growth
Summary
Each selected startup will receive $200,000 alongside an 18-month tailored investment programme to foster growth, innovation, and long-term sustainability.The programme offers a highly personalized curriculum, hands-on mentorship, and executive coaching from industry leaders, including Yoeal Haile, co-founder of the fintech company Sava.Additionally, founders will benefit from two-week, fully funded immersion trips to key entrepreneurial ecosystems in cities such as Cape Town and London.The initiative is strategically designed to help startups scale, attract follow-on funding, and establish a solid foundation for future success.The Four Startups Selected for Investment Medikea (Tanzania) Founded by Elvis Silayo and Desire Ruhinda, Medikea is a digital healthcare platform that integrates telemedicine and in-person facilities to enhance access to primary and specialized healthcare services. Motherbeing (Egypt) Led by Nour Emma and Yousef Elsamaa, Motherbeing leverages AI-driven technology to provide health and wellness solutions for Arab women, offering AI-assisted guidance, educational content, and diagnostic services. Pixie Motors (Tunisia) Founded by Anis Fekih and Wafa Dhifi, Pixie Motors focuses on sustainable urban mobility, offering eco-friendly electric vehicles for both city travel and last-mile delivery services. ToumAI (Morocco) Established by Odin Demassieux, Imade Benelallam, and Yousef Rhamani, ToumAI harnesses AI and large language model (LLM) voice analytics to provide multilingual customer insights and voice solutions. The startup recently secured an additional $1 million investment to enhance AI capabilities in Africa.Since its launch in 2022, Madica has played a pivotal role in supporting early-stage African startups by addressing key challenges such as access to funding, mentorship, and market expansion.In its first year, the programme supported eight startups and secured six new investments.The initiative has also surpassed its goal of achieving 50% gender diversity in leadership teams, backing female-led companies across eight countries and six different sectors.Earlier in 2024, Madica invested $200,000 in three African startupsKola Market, GoBEBA, and Newform Foodsas part of its first investment programme.Madica operates in collaboration with Flourish Ventures, a global fintech venture capital firm, with the shared mission of empowering African entrepreneurs through financial backing and world-class business support.