We are thrilled by the energy and growth of Tunisia’s tech ecosystem. Our recent participation at the Tunisia Ecosystem Week left us inspired and eager to contribute to this dynamic market. This milestone event convened thought leaders, investors, and founders from across the region, fostering discussions on innovation, investment, and the future of tech in North Africa. With a remarkable $241 million in economic value generated between July 2021 and December 2023—representing a 205% compound annual growth—Tunisia is rapidly emerging as a powerhouse for tech and entrepreneurship.

The country’s global potential is exemplified by the $682 million acquisition of InstaDeep by BioNTech, Africa's largest startup exit to date. This groundbreaking success underscores Tunisia's ability to nurture world-class innovation and attract significant international investment. At Madica, we are proud to have sponsored Tunisia Ecosystem Week, which served as a vital platform for collaboration and exchange.

Here’s a glimpse into our experience, the inspiring founders we met, and why we’re excited about Tunisia’s future:

Laying the Foundation with Tunisia's First Ecosystem Week

The inaugural Tunisia Ecosystem Week celebrated the region’s tech potential and ambition. This first-of-its-kind initiative filled a critical gap by providing founders with opportunities to connect with over 70 pan-African investment professionals, including business angels, venture capital representatives, and financial institutions. Events like this are essential to fostering ecosystem growth, and at Madica, we are committed to supporting such efforts as part of our vision to build a connected and empowered ecosystem across Africa.

A Culture of Determination and Drive

Africans are inherently ambitious: our creativity, resilience, and drive to succeed are unmatched. Yet, opportunities remain unevenly distributed. Today, about 83% of North Africa’s startup funding goes to Egypt, Nigeria dominates West Africa, and Kenya and South Africa attract the bulk of capital in East and Southern Africa, respectively. Central Africa remains untapped, and gender disparities persist, with female founders receiving only a fraction of available funding.

Amid these challenges, Tunisia is emerging as a standout tech ecosystem, rapidly approaching the funding levels of Africa’s “Big Four.” Years of post-independence reforms have cultivated a highly skilled workforce, creating a strong foundation for talent-driven innovation.

One of the standout qualities we observed in Tunisian founders is their ability to thrive under challenging conditions, such as limited access to funding and nascent support networks. They don’t wait for ideal circumstances - they create them. This resourcefulness translates into sustainable, responsible growth and a determination to overcome obstacles.

We saw this spirit firsthand, meeting several startups including; Pixii Motors where we met with Anis Fekih (CEO), Wafa Dhifi (COO), and Imed Mlaweh (CTO). Pixii Motors are transforming urban mobility with their electric scooter, Shadow, featuring advanced connectivity, smart cockpit tech, and SaaS fleet management. We also enjoyed visiting NextAV at NOVATION CITY in Sousse, where we met the Founder and CEO, Hichem Mokni and CTO, Khlaifia Bilel. NextAV delivers AI-powered, high-quality aerial maps and geospatial solutions. It was inspiring to see the solutions they’re building!

Deeptech and AI Innovation

Deeptech, particularly artificial intelligence (AI), is rapidly positioning Tunisia as a global innovation hub. The success of InstaDeep, Africa’s largest startup exit, highlights how Tunisian startups are leveraging cutting-edge AI to tackle complex challenges and achieve international recognition. This momentum is supported by initiatives like Tunisia’s Startup Act, which offers tax incentives, simplified regulations, and improved access to funding. These policies have created a fertile environment for innovation, making Tunisia a compelling destination for global investors.

The Need for Patient Capital

Like many ecosystems across Africa, Tunisia would greatly benefit from more patient capital, providing founders with the time and resources to build resilient businesses without the pressure of rapid, high-burn growth. Strategic investment fosters sustainable ventures, particularly in emerging markets where long-term support is crucial.

At Madica, we address this gap by offering $200,000 in early-stage funding, complemented by world-class training in product development, strategy, team building, and fundraising. Founders gain hands-on mentorship from experienced entrepreneurs and access to global networks of experts. To ensure long-term success, we connect founders with investors, helping secure the capital needed to scale. This holistic approach empowers startups to thrive and create meaningful impact, even in challenging markets.

Tunisia Startup Week in a Glimpse

Our partnership with V3 Factory and Dream VC for Tunisia Ecosystem Week was a natural choice. Their commitment to uniting Africa’s thought leaders, investors, and startups perfectly aligns with our vision at Madica: to build a connected, empowered ecosystem across Africa. Which also reflects on our commitment to North Africa’s tech growth. By supporting the event, we aimed to create an avenue for Tunisian founders to connect with resources, opportunities, and the broader African ecosystem. Our Head of Madica, Emmanuel Adegboye, was among the partners that kickstarted the event with a speech introducing Madica and our value for founders. Our Investment Associate, Francis Vesta, also participated on a panel alongside other key players in the ecosystem titled: 'What Investors Don't Really Tell You.' We believe that events like this are essential to sustaining momentum, fostering connections, and driving more equitable access to capital and support.

A Commitment to Tunisia’s Growth

At Madica, we believe in the power of underrepresented markets to drive innovation and build resilient economies across Africa. Tunisia’s vibrant ecosystem, filled with ambitious founders and groundbreaking companies, embodies the determination and resourcefulness we value. The global investor community has largely overlooked opportunities outside Africa’s main tech hubs due to unfamiliarity or perceived complexities, but Madica aims to change that narrative. By addressing obstacles faced by local entrepreneurs, we strive to reduce risk perceptions and unlock more equitable access to capital.

Tunisia’s tech ecosystem is on an impressive growth trajectory, and we’re committed to supporting its continued rise. By partnering with local innovators, we hope to scale impactful solutions and shape Tunisia’s role in Africa’s dynamic growth story.

If you’re a founder building impactful solutions across Africa, we encourage you to apply and join our portfolio for mission-driven founders. Applications are open year-round.

Thank you, Tunisia, and thank you to all our partners at Tunisia Ecosystem Week for making this inaugural event a success.