In a bid to address gaps in Africa’s startup ecosystem, Madica, an investment programme for pre-seed stage startups in Africa, has made its first investments of $600,000 in Kola Market, GoBEBA, and NewForm Foods. Each startup received $200,000 from Madica for support over the next 18 months.
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Through a personalized curriculum, hands-on mentorship, and access to a global network of investors, Madica aims to equip startups with the tools needed to overcome challenges and drive sustainable growth. These investments represent a significant milestone in supporting innovation, entrepreneurship, and wealth creation across the continent.
Kola Market, founded by Marie-Reine Seshie in Ghana, empowers SMEs with a comprehensive B2B platform to enhance sales, optimize inventory, and secure financing. In Kenya, GoBEBA, co-founded by Lesley Mbogo and Peter Ndiang’ui, revolutionizes e-commerce with a direct-to-customer platform for essential utilities. Meanwhile, NewForm Foods, founded by Brett Thompson and Tasneem Karodia in South Africa, pioneers cultivated meat production at a cost-effective scale.
Madica’s open application process and collaboration with local ecosystem players ensure equitable access to funding opportunities. With plans to invest in up to ten additional startups this year, Madica remains committed to fostering innovation and empowering founders across Africa.
Speaking on the announcement, Mr Emmanuel Adegboye, Head of Madica, emphasized the importance of supporting African founders overlooked by traditional investors. He highlighted Madica’s role as a catalyst for broader access to venture capital and mentorship, driving positive change in the startup landscape.
With a dedicated team and network of mentors, Madica is well-positioned to provide comprehensive support to founders as they navigate the complexities of their industries. Recent investments in team capacity underscore Madica’s commitment to deepening its impact and empowering startups for success.
Looking ahead, Madica plans to facilitate additional founder immersion trips and expansion into new markets, further strengthening its ecosystem of support for African startups.
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