Madica funds three African startups

African-focused pre-seed investment program Madica has selected three African startups – Kola Market, GoBEBA and NewForm Foods – as its first portfolio companies to receive investment funding of US$200,000 each.

The company said the three companies will also receive 18 months of company-building support tailored to the their needs.

While acknowledging the imbalance in venture funding in Africa, Head of Madica Emmanuel Adegboye said the company's program is aimed at supporting founders who are often overlooked by investors.

"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," Adegboye added.

Madica said the three startups will receive 18 months of company-building support tailored to their needs. (Source: Image by freepik)

With the support of US venture capital firm Flourish Ventures, Madica was launched in 2022 and offers funding, technology assistance and mentorship to underrepresented founders across the continent.

Madica's first portfolio startups

Madica added that the companies included in this investment were selected from applications covering the African continent. They deliver tech-enabled solutions across growing and expanding verticals.

Kola Market (Ghana)

Founded by Marie-Reine Seshie, Kola Market assists SMEs in enhancing sales, optimizing inventory and securing financing via a B2B platform that simplifies business operations and improves efficiency. "We're excited to share the news of our collaboration with Madica. It's 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," Seshie said in a press release.

GoBEBA (Kenya)

Co-founded by Lesley Mbogo and Peter Ndiang'ui, GoBEBA offers a direct-to-customer e-commerce platform that streamlines the purchase and delivery of bulky essential utilities in urban areas.

NewForm Foods (South Africa)

Founded by Brett Thompson and Tasneem Karodia, NewForm Foods enables food producers and retailers to rapidly develop and scale cultivated meat products at a cost well below industry standards. "We're excited to be working with Madica as we grow our team, develop our production capabilities and bring cultivated meat to mainstream markets," said NewForm Foods Co-Founder and COO Tasneem Karodia.

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Madica's portfolio success lead, Brenda Wangari, said the program provides a foundation for African startup growth through rigorous programmatic support, mentorship and access to its extensive network.

"It's about empowering founders to not only navigate the complexities of their industries but also to thrive and set new benchmarks for success," she added.

*Top image is of Madica team and the portfolio companies. (Source: Madica)

— Matshepo Sehloho, Associate Editor, Connecting Africa