Madica, an African-focused pre-seed investment program, has disclosed its initial investments in three promising African startups: Kola Market, GoBEBA, and NewForm Foods. This news arrives at a time when funding for African startups experienced a decline, dropping from $6.5 billion in 2022 to $3.5 billion in 2023.
The selected startups, each granted up to $200,000 in funding, will benefit from an extensive 18-month support program tailored to their specific requirements. Emmanuel Adegboye, Head of Madica, stressed the program’s dedication to supporting founders often overlooked by conventional investors.
Launched in 2022 with backing from Flourish Ventures, a US-based venture capital firm, Madica aims to empower underrepresented founders across Africa. The program offers financial assistance, technological guidance, and mentorship, addressing common challenges such as limited access to capital and insufficient mentorship.
Meet the Awardees:
1. Kola Market: Founded by Marie-Reine Seshie in Ghana, Kola Market assists SMEs in enhancing sales, optimizing inventory, and securing financing. Seshie expressed appreciation for the funding, highlighting its potential to drive innovation and scale operations.
2. GoBEBA: Co-founded by Lesley Mbogo and Peter Ndiang’ui in Kenya, GoBEBA operates as a direct-to-customer eCommerce platform, facilitating the purchase and delivery of essential utilities in urban areas. The platform ensures safe, quick, and reliable doorstep service, addressing critical market needs.
3. NewForm Foods: South African startup NewForm Foods, founded by Brett Thompson and Tasneem Karodia, focuses on enabling food producers and retailers to develop and scale cultivated meat products cost-effectively. This innovative approach holds promise for revolutionizing the food industry while addressing sustainability concerns.
As funding for African startups faces challenges, initiatives like Madica play a vital role in fostering innovation, entrepreneurship, and wealth creation across the continent. The success of these startups underscores the immense potential and talent within Africa’s burgeoning entrepreneurial ecosystem.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
25th April, 2024
