When we first visited Tunisia, we came to meet founders, understand the ecosystem, and begin building relationships. Returning this year offered something different: the opportunity to reconnect, see how the ecosystem had evolved, and continue conversations that had started months before.

At the end of June, the Madica team travelled back to Tunis for Open Startup's (OST) 10th anniversary, joining founders, investors, entrepreneurial support organisations, and ecosystem leaders from across Africa to celebrate a decade of ecosystem building. Beyond the conference, we hosted Founder Office Hours, visited our portfolio companies, co-hosted an Investor & Ecosystem Mixer with 216 Capital, and spent time listening to the people building and supporting Tunisia's startup ecosystem. Every conversation offered a different perspective, but together they reinforced something we'd seen before: Tunisia is home to an ambitious, collaborative ecosystem that continues to grow stronger.

Celebrating a Decade of Ecosystem Building

Ten years is no small milestone for any organisation working in entrepreneurship. Over the past decade, Open Startup has helped create opportunities for founders to connect with investors, mentors, and industry leaders while contributing to the growth of Tunisia's startup ecosystem. Bringing together stakeholders from across the continent created an opportunity to reflect on how far the ecosystem has come and where it's heading next. One of the highlights of the celebration was hearing founders share their journeys on stage, including Pixii Motors, ToumAI, both of which are Madica portfolio companies. Their story wasn't simply one of growth. It was a reminder that building a company rarely follows a straight path. Behind every milestone are difficult decisions, uncertainty, resilience, and a determination to keep moving forward. Those stories matter because they provide an honest picture of entrepreneurship, one that inspires future founders while reminding the ecosystem that success is built over time.

Beyond the Pitchdeck 

As part of the anniversary program, Madica's Head, Emmanuel Adegboye, joined the panel discussion, From Zero to Investable, alongside fellow investors and ecosystem leaders. The conversation explored a topic that often gets reduced to fundraising alone: what actually makes a startup investable? The answer extends well beyond capital. Investment readiness is built through customer validation, strong execution, thoughtful mentorship, strategic guidance, and continuous learning. Investors don't simply fund businesses. The best partnerships are built on trust, preparation, and a shared commitment to long-term growth. For Madica, this reflects our own philosophy. Capital is only one part of the journey. Supporting founders through mentorship, coaching, community, and access to experienced operators is equally important in helping companies reach their next stage of growth.

Listening Before Investing

Over two days, we hosted Founder Office Hours, meeting entrepreneurs building across sectors and at different stages of their journeys. Some founders wanted feedback on their fundraising strategy. Others were looking for product advice, introductions, or simply an opportunity to talk through the challenges they were facing. Collectively, those conversations offered something far more valuable than a pipeline of companies. They provided a real-time snapshot of the ecosystem itself, the ideas gaining traction, the challenges founders are navigating, and the support they need to keep moving forward.

For Madica, that's one of the greatest values of spending time on the ground. Every founder conversation adds context that can't be captured in an application form or a pitch deck.

"Founder Office Hours are about much more than meeting entrepreneurs. They offer a real-time glimpse into the market, what founders are building, the challenges they're navigating, and the opportunities emerging across the ecosystem. Those conversations help us become better investors, better partners, and more thoughtful contributors to the communities we're investing in."

Akinyi Wavinya, Head of Portfolio Success, Madica

Visiting Founders Where They Build

We also spent time with two of our Tunisian portfolio companies, visiting Pixii Motors at their headquarters and meeting with the Anavid team.

These visits are an important part of how we support founders. Spending time together, away from scheduled calls, creates opportunities for more candid conversations. It gives us a better understanding of the realities founders are navigating, from day-to-day operations and customer needs to the longer-term decisions shaping their businesses.

"The in-person visit showed that the commitment goes beyond financial investment. Taking the time to meet our sales team and see our technology in action in our local market demonstrates the belief in the founders behind the business. We discussed operations, growth, and strategy. Spending time together in person, without the constraints of video meetings, creates space for deeper brainstorming, richer discussions, and better strategy. Great investors don't just review reporting; they actively contribute to shaping the strategy and supporting the company's operational journey."

Ahmed Chaari, Founder & CEO, Anavid

Experiencing a company firsthand also brings something that's difficult to capture remotely: context. Seeing where founders build, meeting the people behind the product, and understanding the environment they're operating in creates a different kind of relationship, one that's grounded in shared understanding rather than regular reporting.

"Having Madica on the ground in Tunisia meant far more than a portfolio visit, it sent a simple but powerful message: this ecosystem is worth showing up for. Building deep-tech from North Africa, you often feel like you're explaining your context from a distance. A pitch deck can't convey what it takes to build hardware between Bizerte and Paris, but a day on the ground can. When investors sit in your workshop, meet your team, and see the ecosystem firsthand, the conversation changes completely, from reporting to genuine partnership. Trust isn't built over video calls; it's built in workshops, over coffee, walking the ground where the work actually happens. Tunisia has world-class engineering talent, and Madica's visit showed founders here that they're backing more than companies, they're backing an ecosystem. That kind of commitment is exactly what emerging markets need to unlock their next generation of deep-tech champions."

Anis Fekih, CEO & Co-Founder, Pixii Motors

Strong Ecosystems Are Built Together

The week also provided an opportunity to strengthen relationships across Tunisia's wider startup community. Together with 216 Capital, we co-hosted an Investor & Ecosystem Mixer, bringing together investors, entrepreneurial support organisations, and ecosystem leaders for an evening of thoughtful conversation and new connections. Some of the most meaningful discussions at ecosystem gatherings happen over introductions, shared experiences, and conversations about the realities of supporting founders.These moments create opportunities for collaboration, knowledge sharing, and stronger relationships, all essential ingredients for a thriving entrepreneurial ecosystem.

Why Showing Up Matters

Startup ecosystems are understood by spending time with founders, listening to the organisations supporting them, and building relationships with the people working every day to help entrepreneurship flourish. Our time in Tunisia reinforced something we believe deeply at Madica: meaningful investment starts long before a term sheet. It starts by listening, understanding local contexts, and showing up consistently for the ecosystems where founders are building.

"In emerging ecosystems like Tunisia, regional capital can sometimes feel more like a promise than a reality. Madica’s spending time on the ground created a practical conversations between local and regional investors about how to co-invest, align on terms, and build a smoother path from local capital to follow-on funding. That kind of visibility gives local investors greater confidence to take the first bet on founders, knowing they’re part of a broader investment journey. I’d love to see more regional investors follow that example, because showing up creates momentum."

Sarah Ben Younes, Founder & CEO, V3 Factory

As we left Tunis, we carried with us new perspectives, stronger relationships, and an even greater appreciation for the work being done across Tunisia's innovation landscape. A sincere thank you to Open Startup for bringing together an inspiring community to celebrate a decade of ecosystem building, to 216 Capital and MMS for collaborating with us throughout the week, and to every founder, investor, and ecosystem leader who shared their time, insights, and ambition with us.