Madica Pumps $400K into North African AI Innovators, Eyes Bigger Bets on Continent

In a fresh push to fuel Africa's tech boom, early-stage investor Madica has shelled out $400,000 to back two promising AI ventures from North Africa. The firm, known for spotting homegrown talent, is teaming up with the African Business Angel Network to make funding easier for startups across the board.

The cash injection splits evenly, with $200,000 going to each winner: Tunisia's Anavid and Morocco's Hypeo AI. Anavid stands out for its clever use of AI to scan CCTV footage and flag potential thefts in real time, offering a smart layer of security for businesses without overhauling their setups. Meanwhile, Hypeo AI streamlines the influencer game through its SaaS platform, automating outreach and matching brands with creators to cut down on the usual hassle.

These picks aren't just about the money. Both startups now dive into Madica's intensive 18-month accelerator, complete with hands-on mentoring, study trips to buzzing tech hubs at home and abroad, and intros to a worldwide circle of investors. It's all designed to help these founders scale up and tackle real-world headaches in sectors ripe for disruption.

Emmanuel Adegboye, who leads Madica, couldn't hide his excitement. "These founders are true trailblazers, crafting tools that can lift entire communities and redefine industries," he shared. "We're thrilled to walk alongside them as they push boundaries."

The timing feels spot on, coming right out of the ABAN Congress where the partnership got its official nod. Madica, an offshoot of global player Flourish Ventures since kicking off in 2022, has already poured $2 million into a lineup of ten African outfits. This latest move fits their grander plan: dropping $6 million more into 30 startups by year's end.

On the ABAN side, President Yemi Keri sees it as a game-changer for funding flows. "Teaming up like this closes the divide between everyday angels and big-money backers," Keri noted. "It keeps more capital circulating right here on the continent, giving every startup a fair shot at the resources they need to grow."

With North Africa's AI scene heating up, Madica's bet signals confidence in the region's knack for blending cutting-edge tech with everyday fixes. As these companies gear up for their big league moments, the ripple could well inspire a wave of similar home-front investments, proving Africa's innovators are ready to lead the charge.