Emmanuel Ojukwu
Madica, a structured investment program tailored for pre-seed stage startups in Africa, has unveiled its initial investments in three startups across the continent.
The investment company has announced its inaugural investments, extending up to US$200,000 in funding to each of the first three startups. These investments mark the commencement of its comprehensive investment program, which encompasses 18 months of personalized company-building support tailored to the specific requirements of each startup.
The three funded startups are Ghana’s Kola Market, which assists SMEs in enhancing sales, optimising inventory, and securing financing; Kenya’s GoBEBA, which offers a direct-to-customer e-commerce platform that streamlines the purchase and delivery of bulky essential utilities; and South Africa’s NewForm Foods, which enables food producers and retailers to rapidly develop and scale cultivated meat products.
Speaking on the investment, Head of Madica Emmanuel Adegboye said,
“We’re excited to announce our first set of investments, which showcase the remarkable talent and innovation in the African tech ecosystem. Each one of these startups represents the untapped potential of African founders who lack the support they direly need because they are too often perceived as risky by global investors.
“This year, our goal is to support more of these founders and integrate them into the global startup ecosystem. The glaring imbalance in venture funding in Africa is a big concern, and we want to support founders who are often overlooked by investors. We aim to be a catalyst and inspire other investors to join our goal of broadening the reach of venture capital and founder mentorship.”
Launched in 2022 and affiliated with fintech-focused VC firm Flourish Ventures, Madica is a sector-agnostic investment programme designed to address structural gaps in Africa’s startup ecosystem.
Aside from the funding, Madica delivers its support through a highly personalized curriculum, hands-on mentorship, invitations to fully-funded week-long founder immersion trips, executive coaching opportunities, and access to Madica’s global network of investors for follow-on funding, all designed to spur growth and ensure the long-term viability of the startups.
