Madica has announced it is investing in three promising African tech startups as part of its pre-seed investment program. Each startup will receive up to $200,000 and access to a rigorous 18-month support initiative designed to address the unique challenges they face and boost their long-term success. The investment reflects Madica’s commitment to fostering innovation and addressing the structural challenges within Africa’s startup ecosystem.
Launched in 2022 and operating under the umbrella of Flourish Ventures, Madica seeks to cultivate a nurturing environment for startups by providing financial support, mentorship, and strategic guidance. The program is sector-agnostic, focusing on the potential of the startups to innovate and scale.
The chosen startups for this investment cycle include:
- Kola Market from Ghana,
- GoBEBA from Kenya, and
- NewForm Foods from South Africa
Each of them offer solutions tailored to the pressing needs of their respective markets.
Kola Market, founded by Marie-Reine Seshie, is developing a comprehensive B2B platform that aids SMEs in enhancing sales, optimizing inventory management, and securing necessary financing. This platform stands to significantly streamline business operations and improve efficiency across Ghana’s SME sector.
In Kenya, GoBEBA, co-founded by Lesley Mbogo and Peter Ndiang’ui, is redefining e-commerce with its direct-to-customer platform that simplifies the purchase and delivery of bulky essential utilities. By ensuring safe, quick, and reliable delivery, GoBEBA addresses the logistical challenges of urban living, enhancing the everyday convenience for its customers.
South Africa’s NewForm Foods, started by Brett Thompson and Tasneem Karodia, is at the forefront of the cultivated meat industry, helping food producers and retailers to develop and scale their offerings. By focusing on cost-effective production methods, NewForm Foods aims to make sustainable, cultivated meat products more accessible and affordable.
Emmanuel Adegboye, Head of Madica, expressed enthusiasm about the initiative, noting the significant untapped potential within the African tech ecosystem. The goal for Madica is not only to invest financially but also to integrate these startups into the global startup landscape, providing them with the tools and opportunities necessary for growth and success.
Madica’s approach is distinguished by its openness and inclusivity, allowing founders to apply without prior introductions and ensuring a fair and thorough evaluation process. By collaborating with local ecosystem players like incubators and accelerators, Madica aims to discover and nurture more entrepreneurial talent across the continent.
The impact of such investments is profound, not only for the startups involved but also for the broader African tech ecosystem. By addressing the glaring imbalance in venture funding and supporting often-overlooked founders, Madica is setting a precedent for how venture capital can be more effectively deployed to foster innovation and entrepreneurship across Africa.
