Madica, a venture capital firm dedicated to early-stage investments in Africa, has injected $400,000 into two innovative artificial intelligence (AI) startups. Additionally, Madica has formed a strategic alliance with the African Business Angel Network (ABAN) to enhance the availability of seed funding for entrepreneurs across the continent.
The beneficiaries of this funding are Anavid, a Tunisian enterprise that enhances existing CCTV infrastructure to identify theft incidents, and Hypeo AI, a Moroccan SaaS company specializing in automating influencer marketing campaigns. This initiative underscores Madica’s commitment to bridging institutional investors with angel networks, thereby facilitating easier access to initial capital for African entrepreneurs. It also reflects the firm’s emphasis on startups leveraging cutting-edge technologies within established industries.
Each startup will be granted $200,000 and will participate in Madica’s comprehensive 18-month accelerator program. This program offers tailored mentorship, immersive visits to prominent tech hubs both locally and internationally, and opportunities to engage with Madica’s extensive global investor community.
Emmanuel Adegboye, Head of Madica, remarked, “The entrepreneurs we have onboarded are pioneers, developing solutions that have the potential to transform communities and redefine sectors. We are honored to support them as they advance to the next phase of their growth.”
Earlier this year, in February, Madica invested $800,000 in four African startups-Medikea, Motherbeing, Pixii Motors, and ToumAI-spanning healthcare, electric mobility, and AI domains. With these latest investments, Madica’s portfolio now includes ten startups, with a total commitment of $2 million.
At the recent ABAN Congress held in Lagos, Madica formalized its partnership with ABAN, a network comprising over 5,000 angel investors from 37 African nations and the diaspora. This collaboration enables ABAN members to co-invest alongside Madica and jointly engage in fundraising efforts, thereby broadening capital access for African startups.
Yemi Keri, President of ABAN, stated, “Our partnership with Madica is a vital step toward closing the funding gap between angel investors and institutional capital. It ensures that more investment originates within Africa, empowering startups across the continent to secure the resources they need to scale effectively.”
Founded in 2022 as a subsidiary of Flourish Ventures-a global early-stage venture firm focused on fintech-Madica, which stands for Made-in-Africa, aims to invest $6 million in 30 African startups by 2025, reinforcing its dedication to nurturing homegrown innovation.