Madica, an investment initiative targeting early-stage African startups, has unveiled its inaugural investment in three enterprises across the continent.
Originating in 2022 with ties to the fintech-centric venture capital firm Flourish Ventures, Madica is an industry-independent programme aimed at bridging crucial gaps within Africa’s burgeoning startup landscape.
Addressing critical obstacles such as insufficient funding access, a dearth of investment options, lack of mentoring, and the absence of structured support, the programme’s mission is to catalyze innovation, entrepreneurial success, and wealth generation throughout Africa.
Madica’s first investment tranche sees up to US$200,000 allocated to each selected startup, incorporating them into an 18-month intensive support programme custom-tailored to address their specific developmental needs.
The trio of recipients includes Ghana’s Kola Market, which empowers SMEs with sales enhancement, inventory optimization, and finance acquisition; Kenya’s GoBEBA, a direct-to-customer e-commerce service facilitating the purchase and delivery of essential goods; and South Africa’s NewForm Foods, a pioneer in the development and scaling of cultivated meat products for food producers and retailers.
Moreover, Madica’s comprehensive assistance extends to a bespoke curriculum, hands-on mentorship, sponsored week-long founder immersion trips, executive coaching, and access to a global investor network for subsequent funding rounds, all aimed at fostering growth and ensuring the startups’ sustainability.
“We are thrilled to reveal our initial investments, which reflect the African tech ecosystem’s impressive talent and innovation. These startups epitomize the unrealized potential in African founders who are often sidelined by global investors due to perceived risks. This year, we’re committed to bolstering more founders and integrating them into the international startup scene,” expressed Emmanuel Adegboye, the chief at Madica.
Highlighting the significant disparity in venture funding within Africa, Madica’s goal is to bolster founders frequently overlooked by the investment community, thereby serving as a stimulus for change and encouraging other investors to support and expand venture capital and founder mentorship across the continent.
Madica adopts an open application model, welcoming founders to apply independently of referrals. The programme collaborates with local incubators, accelerators, and angel networks to identify and nurture entrepreneurs. All candidates are subjected to a uniform evaluation process, with investments being made on an ongoing basis throughout the year. Madica plans to invest in an additional 10 startups within the current year, with founders invited to learn more and apply via the programme’s website.
