Empowering African Entrepreneurs: Madica Announces Inaugural Investments in African Startups

Madica, an African structured investment program dedicated to pre-seed stage entrepreneurs, has unveiled its first round of investments in three promising startups. Each selected business stands to receive funding of up to $200,000 along with tailored company-building support spanning 18 months.

Madica Announces Inaugural Investments in African Startups
Madica Announces Inaugural Investments in African Startups

Empowering African Entrepreneurs

Madica’s commitment to fostering entrepreneurship in Africa is evident in its comprehensive support package, which includes a personalized curriculum, hands-on mentorship, executive coaching, and access to a global network of investors for follow-on funding.

This holistic approach aims to address the unique needs of each startup and maximize its growth potential.

Meet the Pioneering Startups

The inaugural cohort of startups selected for investment by Madica represents diverse sectors and innovative business models:

Kola Market (Ghana): Founded by Marie-Reine Seshie, Kola Market empowers SMEs by providing a B2B platform that enhances sales, optimizes inventory, and facilitates access to financing.

GoBEBA (Kenya): Co-founded by Lesley Mbogo and Peter Ndiang’ui, GoBEBA offers a direct-to-customer e-commerce platform focused on streamlining the purchase and delivery of bulky essential utilities, enhancing convenience for consumers.

NewForm Foods (South Africa): Co-founded by Brett Thompson and Tasneem Karodia, NewForm Foods enables food producers and retailers to develop and scale cultivated meat products at a cost well below industry standards, driving innovation in the food industry.

Vision for the Future

Emmanuel Adegboye, head of Madica, emphasizes the program’s mission to support African founders who often face barriers to traditional funding due to perceived risk.

By empowering overlooked entrepreneurs and integrating them into the global startup ecosystem, Madica aims to inspire broader participation from investors and address the funding imbalance in Africa’s venture capital landscape.

Expanding Opportunities for African Founders

As a sector-agnostic investment program linked with Flourish Ventures, Madica opens doors for African entrepreneurs to access capital and mentorship. Its open application process welcomes entrepreneurs from diverse backgrounds, encouraging inclusivity and diversity in the startup ecosystem.

Looking Ahead

In the coming year, Madica plans to extend its support to up to ten additional startups, further amplifying its impact on Africa’s entrepreneurial landscape.

Interested founders are encouraged to explore opportunities and apply through Madica’s website, signaling the program’s ongoing commitment to nurturing innovation and driving economic growth across the continent.



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