Madica, a structured investment programme designed for pre-seed stage startups in Africa, has announced its first set of investments in three startups on the continent.
Launched in 2022 and affiliated with fintech-focused VC firm Flourish Ventures, Madica is a sector-agnostic investment programme designed to address structural gaps in Africa’s startup ecosystem.
The programme 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 the continent.
Madica has now announced its first three investments, providing each startup with up to US$200,000 in funding and making them part of its comprehensive investment programme, which includes 18 months of dedicated company-building support tailored to the unique needs of each startup.
The three funded startups are Ghana’s Kola Market, which assists SMEs in enhancing sales, optimising inventory, and securing financing; Kenya’s GoBEBA, which offers a direct-to-customer e-commerce platform that streamlines the purchase and delivery of bulky essential utilities; and South Africa’s NewForm Foods, which enables food producers and retailers to rapidly develop and scale cultivated meat products.
Aside from the funding, Madica delivers its support through a highly personalised 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.
“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,” said Emmanuel Adegboye, head of Madica.
“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.”
Madica employs an open application process, allowing founders to apply without an introduction. The programme 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 programme intends to invest in up to an additional 10 startups this year, with interested founders able to learn more and apply by visiting Madica’s website.
