Introduction
Madica, an African-focused pre-seed investment programme, has announced its inaugural investments in three promising African startups: Kola Market, GoBEBA, and NewForm Foods. This initiative comes at a critical juncture as funding for African startups witnessed a decline in 2023, highlighting the need for more support and investment in the region's burgeoning entrepreneurial ecosystem.
Addressing Funding Disparities
With African startups receiving $3.5 billion in funding in 2023, down from $6.5 billion in 2022, Madica's investment programme aims to bridge the gap by providing much-needed capital and support to underrepresented founders across the continent. Each selected startup will receive up to $200,000 in funding and join Madica's comprehensive 18-month investment programme tailored to their specific needs.
Empowering African Founders: A Vision for Growth
Emmanuel Adegboye, Head of Madica, emphasized the programme's commitment to supporting African founders who often face challenges accessing capital and mentorship. By providing funding, technology assistance, and mentorship, Madica aims to empower these founders and integrate them into the global startup ecosystem, unlocking the untapped potential of African entrepreneurship.
Spotlight on the Selected Startups
1. Kola Market: Founded by Marie-Reine Seshie, Kola Market is a Ghanaian-based B2B platform that empowers SMEs to enhance sales, optimize inventory, and secure financing. With this funding, Kola Market aims to test new ideas and scale its operations to better serve its customers.
2. GoBEBA: Co-founded by Lesley Mbogo and Peter Ndiang'ui, GoBEBA is a Kenyan direct-to-customer eCommerce platform that facilitates the purchase and delivery of bulky essential utilities in urban areas. The funding will enable GoBEBA to expand its services and ensure safe, quick, and reliable doorstep delivery.
3. NewForm Foods: Founded by Brett Thompson and Tasneem Karodia, NewForm Foods is a South African company revolutionizing the food industry by enabling producers and retailers to develop and scale cultivated meat products at a lower cost. The investment from Madica will support NewForm Foods in scaling its innovative solutions and driving positive change in the food sector.
Nurturing Innovation: Flourish Ventures' Support
Launched in 2022 with the support of Flourish Ventures, a US-based venture capital firm, Madica is committed to nurturing innovation, entrepreneurship, and wealth creation across Africa. Through its comprehensive investment programme, Madica aims to catalyze the growth of African startups and foster a vibrant entrepreneurial ecosystem on the continent.
Empowering the Next Generation of Entrepreneurs
As Madica embarks on its mission to empower African founders and drive innovation, the programme remains dedicated to addressing the unique challenges faced by startups in Africa. By providing critical support and investment, Madica is paving the way for a brighter future, where African entrepreneurs can thrive and make a lasting impact on the global stage.
