Sylvia Duruson
Madica, an investment program tailored for pre-seed African startups, has announced its inaugural set of investments in three promising companies. In alignment with its mandate, each startup has received up to $200,000 in funding and gained access to Madica’s comprehensive 18-month company-building support program.
Launched in 2022 and affiliated with Flourish Ventures, a global fintech venture capital firm, Madica is a sector-agnostic investment program designed to address gaps in Africa’s startup ecosystem. The program tackles challenges like limited capital access, scarcity of investors, insufficient mentorship, and lack of structured support necessary for fostering innovation, entrepreneurship, and wealth creation across the continent.
Madica’s first investments, selected from applications spanning Africa, deliver tech-enabled solutions across diverse verticals. The recipients include Kola Market (Ghana), founded by Marie-Reine Seshie, a B2B platform simplifying operations for SMEs; GoBEBA (Kenya), co-founded by Lesley Mbogo and Peter Ndiang’ui, offering an e-commerce platform for reliable doorstep delivery of essential utilities; and NewForm Foods (South Africa), founded by Brett Thompson and Tasneem Karodia, enabling food producers and retailers to develop and scale cultivated meat products cost-effectively.
Emmanuel Adegboye, Head of Madica, expressed excitement about supporting remarkable African talent and untapped potential. “This year, our goal is to support more founders often overlooked by investors and integrate them into the global startup ecosystem. The glaring imbalance in venture funding in Africa is a concern, and we aim to broaden the reach of venture capital and founder mentorship.”
Madica employs an open application process, collaborating with local ecosystem players to discover and support entrepreneurs. After a rigorous evaluation, investments are made on a rolling basis throughout the year, with plans to invest in up to 10 additional startups this year.
To deepen its support, Madica has invested in a team capacity, including experts in portfolio success, communications, and investments. The program also conducts founder immersion trips, offering opportunities for mentorship, networking, and pitching to global investors.
Brenda Wangari, leading Portfolio Success at Madica, noted, “Our first investments exemplify the entrepreneurial spirit and potential for change. We’re dedicated to providing a foundation for African startup growth through rigorous programmatic support, mentorship, and access to our extensive network.”
Madica has also sponsored initiatives like the “Diversity Dividend” report by Disrupt Africa, shedding light on gender disparity in the African tech ecosystem, and supporting programs like Women Who Build Africa, celebrating female tech founders driving innovation across the continent.
With its comprehensive approach, Madica aims to fuel the growth of African startups, fostering innovation and wealth creation while addressing the ecosystem’s critical c
challenges.
