Madica, a pre-seed investment program focused on Africa, has announced its first funding recipients and plans for the future.
Launched in late 2022 by Flourish Ventures, Madica aims to address the funding gap faced by many African startups, particularly those led by underrepresented founders.
Madica has wasted no time in making its mark, announcing its first investments in three innovative startups across diverse industries and boosting innovation across a wide range of ventures.
Kola Market, a Ghanaian B2B platform, is one of the startups, helping Small and Medium Enterprises (SMEs) by providing innovative tools to boost their sales, optimize inventory management, and secure financing. In addressing these needs, Kola Market helps SMEs thrive in the competitive African market.
GoBEBA, a Kenyan company, tackles the challenge of getting bulky essentials to urban consumers. The company’s direct-to-consumer e-commerce platform simplifies the purchase and delivery process, ensuring safe, quick, and reliable doorstep service. This makes it easier for people in cities to get the everyday items they need without time issues.
Looking to the future of food, NewForm Foods, a South African company, is developing cultivated meat technology. Its solution allows food producers and retailers to rapidly develop and scale cultivated meat products at a lower cost than traditional methods.
This advancement has the potential to bolster the food industry and promote more sustainable practices.
Madica isn’t stopping there. The VC plans to invest in up to 30 startups by the end of the year, seeking opportunities in emerging markets like Tunisia, Morocco, and Ethiopia.
This is in line with its goal to support a wider range of founders and sectors, particularly those beyond the well-funded fintech space and those led by women.
Madica also gives up to $200,000 per startup and tailored support including mentorship and hands-on guidance for up to 18 months. The program structure is designed to be both personalized and adaptable, attending to the specific needs of each company at different stages.
Madica aims to boost investment in Africa’s pre-seed stage, attract more capital to the continent, and serve as a reference point for global VCs looking to invest in Africa. Succeeding in this could bring about expansion through partnerships, further ensuring its mission is fulfilled.
Emmanuel Adegboye, Head of Madica, places emphasis on the importance of supporting overlooked founders. “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.”
Marie-Reine Seshie, founder and CEO, Kola Market, said, “We’re encouraged about the possibilities this support opens up, allowing us to test new ideas and scale our operations in ways that will make a difference, especially for our customers.”
Tasneem Karodia, co-founder and COO, Newform Foods conclusively noted: “I think this is a great fit and we look forward to continuing this partnership into the future on our journey to scale.”
