Madica, a structured investment program tailored for pre-seed stage startups in Africa, has unveiled its inaugural investments in three startups, marking a significant milestone in the continent’s burgeoning tech ecosystem.
Each selected startup has received up to $200,000 in funding and is now part of Madica’s comprehensive investment program, which extends 18 months of dedicated company-building support customized to the individual needs of each venture.
Madica provides extensive support through personalized curricula, hands-on mentorship, fully-funded week-long founder immersion trips, executive coaching opportunities, and access to its global network of investors for follow-on funding. These resources are meticulously designed to foster growth and ensure the long-term sustainability of the startups.
Launched in 2022 and affiliated with Flourish Ventures, a global fintech venture capital firm, Madica aims to address structural gaps in Africa’s startup ecosystem. The program tackles critical challenges such as limited access to capital, a scarcity of investors, inadequate mentorship, and a lack of structured support necessary for startups to tackle crucial issues and drive innovation, entrepreneurship, and wealth creation across the continent.
The first cohort of investments, carefully selected from a pool of applications spanning Africa, encompasses tech-enabled solutions across burgeoning verticals. Among the recipients are Kola Market (Ghana), aiding SMEs in boosting sales, optimizing inventory, and securing financing through a comprehensive B2B platform; GoBEBA (Kenya), offering a direct-to-customer e-commerce platform that simplifies the purchase and delivery of bulky essential utilities; and NewForm Foods (South Africa), empowering food producers and retailers to swiftly develop and scale cultivated meat products at a cost well below industry standards.
Emmanuel Adegboye, Head of Madica, expressed excitement about the inaugural investments, highlighting the remarkable talent and innovation within the African tech ecosystem. He emphasized the program’s commitment to supporting founders often overlooked by global investors due to perceived risks, aiming to broaden the reach of venture capital and founder mentorship.
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 identify and support entrepreneurs. All applicants undergo the same evaluation process, with investments made on a rolling basis throughout the year. Madica intends to invest in up to an additional 10 startups this year.
Furthermore, Madica has bolstered its team capacity to enhance support for founders. Alongside Nairobi-based Portfolio Success leader, Brenda Wangari, the team has appointed Shamsa Mohamed as Communications and Community Manager and Francis Vesta as an Investment Associate, both based in Nairobi and Lagos respectively. These strategic additions aim to leverage domain expertise and local operational insights to assist Madica founders in scaling their ventures effectively.
