TLDR:
Madica, an African structured investment programme, has announced investments in three start-ups, providing each with up to $200,000 in funding and 18 months of company-building support. The start-ups include Kola Market (Ghana), GoBEBA (Kenya), and NewForm Foods (South Africa). Madica aims to address funding imbalances in Africa’s startup ecosystem and hopes to invest in up to ten additional startups this year.
Article Summary:
Madica, an African structured investment programme aimed at pre-seed stage entrepreneurs, has made its first round of investments in three start-ups. Each business will receive funding of up to $200,000 and 18 months of targeted company-building support tailored to its specific needs. The support offered includes a personalised curriculum, hands-on mentorship, executive coaching, and access to Madica’s global network of investors for follow-on funding.
The first start-ups to be invested in are:
- Kola Market (Ghana) – assists SMEs in enhancing sales, optimizing inventory, and securing financing via a B2B platform.
- GoBEBA (Kenya) – offers a direct-to-customer e-commerce platform for purchasing and delivering bulky essential utilities.
- NewForm Foods (South Africa) – enables food producers and retailers to develop and scale cultivated meat products at a cost below industry standards.
Emmanuel Adegboye, head of Madica, expressed the program’s goal of supporting African founders who often lack the necessary support and are perceived as risky by global investors. Madica aims to be a catalyst in broadening the reach of venture capital and founder mentorship in the African startup ecosystem.
Madica is a sector-agnostic investment programme that works with local ecosystem participants to identify and support entrepreneurs. Linked with Flourish Ventures, a global Fintech venture capital firm, Madica’s open application process allows entrepreneurs to apply without an introduction. The programme plans to invest in up to ten additional startups this year to address funding imbalances in Africa’s startup ecosystem.
Interested founders can learn more and apply on Madica’s website. The programme aims to inspire other investors to join their goal of supporting African founders and integrating them into the global startup ecosystem.
