TLDR:
- Madica announced its first set of investments in three African tech startups, providing each with up to $200k and 18 months of support.
- These investments aim to address key challenges in Africa’s startup ecosystem such as limited access to capital and mentorship.
Madica, a structured investment program for pre-seed stage startups in Africa, revealed its initial investments in three startups. Each of these startups received up to USD 200 K from Madica and is now part of the program which offers 18 months of dedicated support customized to meet each startup’s specific requirements. The support provided by Madica includes a personalized curriculum, hands-on mentorship, invitations to fully-funded founder immersion trips, executive coaching opportunities, and access to their global network of investors for follow-on funding.
Launched in 2022 and affiliated with Flourish Ventures, Madica is designed to fill the gaps in Africa’s startup ecosystem by providing solutions to challenges such as limited access to capital, scarcity of investors, and lack of structured support. The program aims to help startups address critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.
The first set of investments by Madica were selected from applications across Africa and includes:
- Kola Market (Ghana), founded by Marie-Reine Seshie, which assists SMEs in enhancing sales, optimizing inventory, and securing financing through a comprehensive B2B platform;
- GoBEBA (Kenya), co-founded by Lesley Mbogo and Peter Ndiang’ui, offers a direct-to-customer e-commerce platform for the streamlined purchase and delivery of bulky essential utilities in urban areas;
- NewForm Foods (South Africa), founded by Brett Thompson and Tasneem Karodia, enables food producers and retailers to develop and scale cultivated meat products at a cost below industry standards.
These investments by Madica mark a significant step towards supporting African tech startups and addressing the challenges they face in the ecosystem. The program’s focus on providing tailored support to startups aligns with its goal of fostering innovation and entrepreneurship in Africa.
