Madagascar Startups to Watch in 2027: Verified Companies in Antananarivo and Beyond
Madagascar's young companies sit mostly in Antananarivo, the capital, where the incubators, the coding schools, the investors and most of the paying customers are. The 2026 version of this article listed ten Antananarivo startups with names such as EcoTech Madagascar, HealthInnov and FinAnta. When we checked them in November 2026, none of the ten had an official website, a company registration or a press release we could find, and their links pointed to startup databases, not to the companies. So for this 2027 edition we started again and kept only companies whose own website (or their investor's page) confirms what they do, that they are based in Madagascar and that they still operate. That leaves seven: six in or around Antananarivo and one in Toliara, on the southwest coast. We did not pad the list.
Quick answer: the Madagascar startups to watch in 2027 are Doktera (doctor booking app), mTOMADY (health financing by mobile phone, led by a female CEO), Dabilio (school management software), Bôndy (landscape restoration and regenerative farming), HaiRun Technology (software development), Jiro-VE (solar energy as a service through local franchisees) and Greentsika (waste collection in Toliara). For support, start with Zafy Tody, Habaka, Orange Digital Center Madagascar, 42 Antananarivo, the impact investor Miarakap and the government's Miary Digital programme.
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Why Antananarivo Matters for Founders in 2027
Three things shape startups in Madagascar. The first is the capital: most support structures on this page have their address in Antananarivo, so founders from other regions often have to travel or join a regional incubator. The second is impact money: much of the early funding comes from impact investors, development partners and grant programmes, such as Miarakap and the World Bank-backed Miary Digital programme, rather than from venture capital funds. The third is the phone: several companies below build for basic mobile phones and mobile money, because that is what most customers use to pay.
Madagascar is a small ecosystem, like the ones in our guides to Maputo startups, Luanda startups, Mbabane startups and Hargeisa startups. Compare it with larger African hubs in our lists of Cairo startups to watch and Abidjan startups to watch.
Madagascar Startups to Watch in 2027 Compared
Sources: each company's official website, or the portfolio page of its investor Miarakap where the company's own site gives no details, checked 8 November 2026. Only Jiro-VE publishes who invested in it, and no company publishes an amount.
The Madagascar Startups to Watch in 2027
1. Doktera: find and book a doctor in Antananarivo
Doktera is a free mobile app for finding an available doctor, booking an appointment in a few taps and skipping the waiting room. Doctors can send prescriptions and medical reports through the app, and patients can rate the consultation to help others choose. The app is on the Play Store and the App Store, and its site lists features such as a personalised doctor search, secure sharing of medical documents, notifications and a medical calendar. Its site gives its head office as Andrefan'Ambohijanahary in Antananarivo and says its goal is to digitise the medical sector in Madagascar for better access to care. It does not publish funding figures.
Lesson for founders: one of the app's own user quotes praises it for not using much mobile data. In a market where data is expensive, a light app is a feature, not a detail.
Best for: healthtech founders and anyone building booking or marketplace apps.
2. mTOMADY: paying for healthcare by mobile phone
mTOMADY builds technology that lowers the financial barriers to healthcare. Patients use a simple phone, or just a SIM card, to save, receive or spend mobile money on health costs through a USSD menu, and to join health insurance schemes, cash transfers or voucher programmes. Its site says the Digital Insurance Card digitises three mutual health insurance schemes in Madagascar for more than 150,000 people, and that it also runs a mobile health wallet in the Democratic Republic of Congo. According to its story page, mTOMADY began as a project of the NGO Doctors for Madagascar, joined the Berlin Institute of Health's Digital Health Accelerator in 2018, launched in 2019 and became an independent social enterprise in 2020. It is led by CEO and co-founder Elsa Rajemison, describes itself as a nonprofit, and has its Madagascar office in Soavimbahoaka, Antananarivo, next to a German entity in Berlin.
Lesson for founders: mTOMADY sells to insurers, donors and governments that already pay for healthcare, and gives patients the tool for free. When your users cannot pay, find the organisation that already pays on their behalf.
Best for: female founders, and anyone building healthtech, insurtech or social impact technology.
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3. Dabilio: software that runs a school
Dabilio is a school management platform for primary and secondary schools, universities and training centres. Its modules cover admissions, timetables, grades and report cards, attendance, teaching and finances, and it also builds websites for schools and runs a directory where parents can find schools. Its site says the platform can be deployed in 48 hours and that the admissions module is free. The company gives its address as Ambohijanaka, Antananarivo, and frames its product around education in Madagascar: spotting students who drop out early, saving teachers' time on paperwork and keeping families involved. It does not publish funding figures.
Lesson for founders: Dabilio gives one module away to get into schools, then sells the rest. A free first step lowers the risk for customers who have never bought software before.
Best for: edtech and B2B software founders.
4. Bôndy: restoring land and regenerative farming
Bôndy develops nature-based solutions in Madagascar, a field it says it has worked in since 2019. It restores landscapes and forests, helps companies build regenerative and traceable agricultural supply chains such as cocoa and coffee, and manages carbon projects, including mangrove restoration. Its about page reports more than 160 staff, more than 1,500 partner farmers, more than 1,500 hectares restored and more than 10 million trees planted, and names Gabriel Tasso as CEO and co-founder. Its address is in Antananarivo, while its projects run in places such as Analamanga, Sava, Ambanja, Mahajanga and Toamasina. It does not publish funding figures.
Lesson for founders: Bôndy sells the same work three ways: to companies that need a clean supply chain, to buyers of carbon credits and to funders of restoration. One field operation can serve several kinds of customers.
Best for: climate, agritech and impact founders.
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5. HaiRun Technology: software built in Madagascar for clients abroad
HaiRun Technology develops software and supports digital transformation projects. Its own site gives no address or history, so the details here come from the portfolio page of its investor Miarakap: HaiRun was founded in October 2016, is based in Antananarivo, builds websites and mobile apps for small companies and startups in France, Europe and North America, and has offices in Fianarantsoa and Paris. Miarakap lists 200 staff, financing since 2019 and a higher-education school for software development, GE-IT, opened in early 2023. The amount invested is not published.
Lesson for founders: HaiRun exports skills instead of products: it sells development work to foreign clients and trains its own developers. If your local market is small, your team can still serve a large one.
Best for: founders of software agencies, outsourcing companies and tech training businesses.
6. Jiro-VE: solar energy for less than the cost of candles
Jiro-VE sells clean energy as a service in rural Madagascar. Local entrepreneurs run Jiro-VE franchises equipped with solar systems and deliver charged lamps and powerbanks to members every day, and the company says members pay half of what they used to spend on candles. Its site shows 16,000 members, a school electrification programme and its own PowerPack powerbanks, one of which received Verasol certification in 2022. In June 2022 it announced a clean energy investment from I&P and Miarakap to grow its franchise network, and in July 2022 an impact investment with Catholic Relief Services. According to Miarakap, Jiro-VE is a social enterprise created in 2014 that works in the Analamanga region around Antananarivo and in Haute Matsiatra and Vakinankaratra. The latest news post on its own site is from March 2023.
Lesson for founders: Jiro-VE grows through franchisees who live next to their customers. When you cannot afford a sales team in remote areas, recruit local entrepreneurs and share the revenue.
Best for: energy, climate and rural-market founders.
7. Greentsika: waste collection in Toliara
Greentsika is the one company on this list outside the capital: its address is in Andaboly, Toliara, on Madagascar's southwest coast. Its site says it has been collecting waste and promoting eco-responsibility since 2017. Households choose a plan with two to six pickups a week, offices, hotels, restaurants and schools get their own offers, and pre-collectors scan a customer card at each pickup. Customers pay by mobile money or cash. Greentsika also delivers parcels, sells and rents cleaning equipment and sells advertising on its cycle-powered bins. Its latest news post is dated 8 August 2026. It does not publish funding figures.
Lesson for founders: Greentsika earns from the same vehicle in two ways, waste subscriptions and the advertising painted on it. Look at every asset you own as a possible second revenue line.
Best for: founders in waste, cleantech and city services outside capital cities.
Where Madagascar Startups Get Support
- Zafy Tody: an incubator and accelerator in Ampefiloha, Antananarivo, running since early 2018. Its site reports 73 startups incubated (40 of them in its free philanthropic programme), 30 women founders and 65% of former cohorts still active. It runs a free SEED programme and a paid RISE programme, and was one of the incubators of the Miary Digital programme.
- Habaka: describes itself as the first technology community in Madagascar, with a FabLab, a coworking space, STEM training, Coder Dojo coding clubs for children and hackathons. It has promoted the idea of a "Hay Valley", a Malagasy tech hub, since 2018.
- Orange Digital Center Madagascar: Orange's free hub for digital skills and entrepreneurship. Its page says that since its launch in 2021 more than 3,300 learners have trained at its coding school, more than 30 projects were made at the Y'lo FabLab and more than 39 startups were incubated by Orange Fab, its accelerator.
- 42 Antananarivo: a campus of the 42 coding school network in Andraharo, Antananarivo. The three-year training is free, peer-to-peer and project-based, with no degree or coding experience required, which makes it a good place to find developers.
- Miarakap: a Malagasy impact investor and accelerator with USD 20.15 million under management, according to its site. It invests equity in small and medium-sized companies that need between 100 million and 2 billion ariary, and runs acceleration programmes funded by international donors. HaiRun Technology and Jiro-VE are in its portfolio.
- Miary Digital (PIC3 project): a government programme supported by the World Bank that incubates digital startups and gives grants. The second cohort's call opened on 20 January 2025 and selected 45 startups in eight regions outside Antananarivo, incubated by NextA, Orange Digital Center and Zafy Tody. According to L'Express de Madagascar, 26 of them received USD 15,000 each in Antsiranana in January 2026.
Madagascar Startups From the Old List That Could Not Be Verified
The 2026 version of this article named ten startups in Antananarivo. When we checked each one in November 2026, we found no official website, company registration or press release for any of them:
- EcoTech Madagascar, HealthInnov, EduConnect Madagascar, AgroFuture and FinAnta: the old links pointed to listing pages on Tracxn, F6S and StartupBlink, not to the companies, and we found no company of these names operating in Madagascar.
- Travelora, RetailSync Madagascar, Madagogam Studio, GreenSea Energy and UrbanGrow Madagascar: no website, registration or press coverage found, so they were removed with their claims, such as a solar irrigation system, a tidal energy system and AI crop tools that we could not confirm.
- Other names we checked and left out: SmartPredict's domain is for sale, the website of the grocery delivery service Supermarché.mg showed an expired security certificate, Jirogasy's website returned an error, and the payment app Vanilla Pay says its app is coming soon. We will add them once their own sites confirm they operate.
- Sayna: the edtech and freelancing platform was founded in Madagascar, but its terms now name SAYNA SAS under French law and it says it works in more than 19 African countries, so we list it as Malagasy-founded rather than Madagascar-based.
We also removed the old article's unsourced claims, such as "over 60% of Madagascar's population is under 25", and its general marketing advice, which you can find in better form in the guides linked below.
Which Madagascar Startup Should You Learn From?
- You build healthtech: study Doktera for a light booking app and mTOMADY for selling to the organisations that pay for care.
- You sell software to institutions: study Dabilio, which gives away its admissions module to get into schools.
- You work in climate or agriculture: study Bôndy, which sells restoration, supply chains and carbon projects from one field operation.
- You build for rural customers: study Jiro-VE, which reaches villages through local franchisees.
- You want to serve foreign clients: study HaiRun Technology, which builds software in Antananarivo for clients in Europe and North America.
- You live outside the capital: study Greentsika in Toliara, and apply to Miary Digital when it opens a call for your region.
- You are just starting: apply to Zafy Tody's free SEED programme or Orange Digital Center, and meet developers at Habaka and 42 Antananarivo.
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How Founders Use Madagascar's Startup Scene
Notice where the money comes from: impact investors such as Miarakap, development partners and grant programmes such as Miary Digital, with almost no published venture rounds. If you build in Madagascar, plan for non-dilutive money first: see our lists of grants for female entrepreneurs and grants for early-stage startups. When you are ready for investors, compare our guide to early-stage VC firms, and look for a programme in our lists of accelerators for female entrepreneurs and accelerators for early-stage startups.
If you are still choosing where to build, compare Madagascar in our guides to the best countries for early-stage startups, the best countries for female entrepreneurs and the best cities for early-stage startups. Read about more small ecosystems in our lists of Bamako startups, Conakry startups and, across the Indian Ocean, Davao startups to watch, and meet founders and investors at startup events for female entrepreneurs.
Before you copy any of these business models, validate your startup idea with real customers. Small ecosystems reward visibility: list your startup in the F/MS marketing directories, publish your startup press release, and write about your product with the F/MS AI SEO Tool or the AI SEO Blog so customers, investors and AI assistants can find you.
FAQ About Madagascar Startups to Watch in 2027
Which Madagascar startups should I watch in 2027?
Our verified list: Doktera, mTOMADY, Dabilio, Bôndy, HaiRun Technology, Jiro-VE and Greentsika. Each still operates and is based in Madagascar, checked on its own site or its investor's page in November 2026.
Are these startups in Antananarivo?
Mostly. Doktera, mTOMADY, Dabilio, Bôndy and HaiRun Technology have their address in Antananarivo, Jiro-VE works in the Analamanga region around the capital and in two other regions, and Greentsika is based in Toliara.
Why are there only seven startups on this list?
Madagascar's startup scene is small, and we only list companies whose own website confirms that they operate and are based in the country. None of the ten names in the old version of this article could be confirmed.
Are there female-led startups in Madagascar?
Yes. mTOMADY, the health financing platform, is led by its CEO and co-founder Elsa Rajemison. Zafy Tody says 30 of the founders it has incubated are women, and our guide to grants for female entrepreneurs lists funding options for women founders.
Which Madagascar startups work in health?
Doktera lets patients find and book a doctor in Antananarivo and receive their medical reports in the app. mTOMADY lets patients save and pay for healthcare by mobile phone and digitises health insurance cards for more than 150,000 people.
Where can startups in Antananarivo get support?
Zafy Tody runs free and paid incubation programmes, Habaka offers a FabLab, coworking and tech communities, Orange Digital Center trains coders and runs the Orange Fab accelerator, and 42 Antananarivo offers free coding training.
What is Miary Digital?
A government programme supported by the World Bank, run through the PIC3 project, that incubates digital startups and gives grants. Its second cohort selected 45 startups in eight regions outside Antananarivo, and 26 of them received USD 15,000 each in January 2026, according to L'Express de Madagascar.
Who invests in Madagascar startups?
Few rounds are published. Miarakap, an impact investor and accelerator with USD 20.15 million under management, lists HaiRun Technology and Jiro-VE in its portfolio. Most companies on this list do not publish funding figures, so we cite none.
What happened to the startups on the old list?
EcoTech Madagascar, HealthInnov, FinAnta and the seven other names had no official website, registration or press release we could find, so they were removed together with their unverified claims.
Where can I get a backlink by writing about my startup?
You can publish a guest post in one of the Fe/male Switch startup blogs, which rank in Google and in AI tools. Get a quality backlink.
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
