Madica Invests $600K in Three African Startups Which Showcase Remarkable Solutions
Madica’s first set of investments, selected from applications covering Africa, deliver tech-enabled solutions across growing and expanding verticals.
Madica, a structured investment program designed for pre-seed stage startups in Africa has announced its first set of investments in three African startups.
“We’re excited to announce our first set of investments, which showcase the remarkable talent and innovation in the African tech ecosystem,” said Emmanuel Adegboye, Head of Madica.
In line with Madica’s mandate, each startup has received an investment of up to USD$200,000 (approx. UGX760 million) and is now a part of Madica’s comprehensive investment program which includes 18 months of dedicated company-building support tailored to the unique needs of each startup.
Madica delivers its support through a highly personalized curriculum, hands-on mentorship, invitations to fully-funded week-long founder immersion trips, executive coaching opportunities, and access to Madica’s global network of investors for follow-on funding — all designed to spur growth and ensure the long-term viability of the startups.
Launched in 2022 and affiliated with Flourish Ventures, a global fintech venture capital firm with purpose, Madica is a sector-agnostic investment program designed to address structural gaps in Africa’s startup ecosystem. The program tackles key challenges such as limited access to capital, a scarcity of investors, insufficient mentorship, and the lack of structured support necessary for startups to resolve critical issues and foster innovation, entrepreneurship, and wealth creation across Africa.
Madica’s first set of investments, selected from applications covering Africa, deliver tech-enabled solutions across growing and expanding verticals, include:
- Kola Market (Ghana), assists SMEs in enhancing sales, optimizing inventory, and securing financing via a comprehensive B2B platform that simplifies business operations and improves efficiency.
- GoBEBA (Kenya), offers a direct-to-customer e-commerce platform that streamlines the purchase and delivery of bulky essential utilities, ensuring safe, quick, and reliable doorstep service in urban areas.
- NewForm Foods (South Africa), enables food producers and retailers to rapidly develop and scale cultivated meat products at a cost well below industry standards.
“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,” said Adegboye. “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,” added Adegboye. “We aim to be a catalyst and inspire other investors to join our goal of broadening the reach of venture capital and founder mentorship.”
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Brenda Wangari who leads Portfolio Success at Madica said the selected startups; Kola Market, GoBEBA, and NewForm Foods exemplify the entrepreneurial spirit and potential for change.
Wangari also noted that “At Madica, we’re dedicated to providing a foundation for African startup growth through rigorous programmatic support, mentorship, and access to our extensive network.” Adding “It’s about empowering founders to not only navigate the complexities of their industries but also to thrive and set new benchmarks for success.”
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Madica employs an open application process, allowing founders to apply without an introduction. The program collaborates with local ecosystem players like incubators, accelerators, and angel networks to discover and support entrepreneurs. All applicants undergo the same evaluation process, with investments made on a rolling basis throughout the year.
The program intends to invest in up to an additional 10 startups this year. Interested founders can submit (LINK HERE) their applications.
What the founders of the selected startups had to say;
“This is a significant moment for us at Kola Market because it goes beyond just funding — it is a strong vote of confidence in our mission to transform the SME landscape in Africa, and Madica’s post-investment support sets us on an accelerated path,” said Marie-Reine Seshie, Founder and CEO of Kola Market. “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 of Newform Foods said, “We’re excited to be working with Madica as we grow our team, develop our production capabilities, and bring cultivated meat to mainstream markets. In terms of purpose, I think this is a great fit and we look forward to continuing this partnership into the future on our journey to scale.”
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