Madica has announced its investment in three promising African tech startups as part of its pre-seed investment initiative.
Each startup stands to receive up to $200,000 in funding along with access to an intensive 18-month support program tailored to address their unique challenges and propel their long-term success.
This investment underscores Madica’s dedication to nurturing innovation and tackling the structural hurdles within Africa’s startup ecosystem.
Founded in 2022 under the umbrella of Flourish Ventures, Madica aims to cultivate a supportive environment for startups by providing financial backing, mentorship, and strategic guidance.
The program adopts a sector-agnostic approach, focusing on startups with the potential to innovate and scale.
Among the selected startups for this investment cycle are:
- Kola Market from Ghana,
- GoBEBA from Kenya, and
- NewForm Foods from South Africa
Kola Market, founded by Marie-Reine Seshie, is developing a comprehensive B2B platform tailored to aid SMEs in optimizing sales, managing inventory efficiently, and securing essential financing.
This platform has the potential to streamline business operations and enhance efficiency across Ghana’s SME landscape.
In Kenya, GoBEBA, co-founded by Lesley Mbogo and Peter Ndiang’ui, is revolutionizing e-commerce with its direct-to-customer platform, simplifying the purchase and delivery of bulky essential utilities.
By ensuring safe, swift, and reliable delivery, GoBEBA addresses the logistical challenges of urban living, enhancing convenience for its customers.
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South Africa’s NewForm Foods, spearheaded by Brett Thompson and Tasneem Karodia, is pioneering the cultivated meat industry, assisting food producers and retailers in developing and scaling their offerings.
Through a focus on cost-effective production methods, NewForm Foods aims to make sustainable, cultivated meat products more accessible and affordable.
Emmanuel Adegboye, Head of Madica, expressed excitement about the initiative, highlighting the vast untapped potential within the African tech ecosystem.
Madica’s objective extends beyond financial investment; it aims to integrate these startups into the global startup landscape, equipping them with the necessary tools and opportunities for growth and success.
Madica’s approach is characterized by its openness and inclusivity, allowing founders to apply without prior introductions and ensuring a fair and thorough evaluation process.
Through collaboration with local ecosystem players such as incubators and accelerators, Madica seeks to identify and nurture entrepreneurial talent across the continent.
The impact of such investments is profound, benefiting not only the startups involved but also the broader African tech ecosystem.
By addressing the disparity in venture funding and supporting often-overlooked founders, Madica sets a precedent for more effective deployment of venture capital to foster innovation and entrepreneurship across Africa.
