Madica, a structured investment program tailored for pre-seed stage startups across Africa, has recently made its first round of investments in three promising startups on the continent.
Launched in 2022 and operating under the umbrella of fintech-focused VC firm Flourish Ventures, Madica is a sector-agnostic program designed to bridge structural gaps within Africa’s startup ecosystem. It addresses critical challenges such as limited capital access, a dearth of investors, inadequate mentorship, and the absence of structured support needed for startups to tackle crucial issues, drive innovation, and generate wealth across Africa.
Madica has just announced its inaugural investments, providing each of the three startups with up to US$200,000 in funding. This capital infusion is part of an extensive support package that includes 18 months of tailored company-building assistance to meet the specific needs of each startup.
The beneficiaries of this funding round are Ghana’s Kola Market, which aids SMEs in boosting sales, optimizing inventory, and securing finance; Kenya’s GoBEBA, which provides a direct-to-customer e-commerce platform facilitating the purchase and delivery of bulky essentials; and South Africa’s NewForm Foods, which enables food producers and retailers to efficiently develop and scale cultivated meat products.
Beyond financial support, Madica enhances its engagement with startups through a personalized curriculum, hands-on mentorship, and fully-funded week-long founder immersion trips. Additional benefits include executive coaching and access to Madica’s global network of investors for potential follow-on funding—all aimed at fostering growth and ensuring the long-term viability of the startups.
Emmanuel Adegboye, the head of Madica, expressed enthusiasm about this initiative: “We’re excited to announce our first set of investments, which highlight the remarkable talent and innovative spirit within the African tech ecosystem. Each of these startups represents the vast potential of African founders who often lack necessary support and are perceived as high-risk by global investors. This year, our goal is to support more founders and help integrate them into the global startup community.”
Addressing the stark disparity in venture funding in Africa, Adegboye added, “The glaring imbalance in venture funding in Africa is concerning, and we aim to support founders who are typically overlooked by investors. We strive to be a catalyst and encourage other investors to join us in expanding the reach of venture capital and founder mentorship.”
Madica utilizes an open application process, allowing founders to apply directly without needing a referral. The program collaborates with local ecosystem players like incubators, accelerators, and angel networks to identify and nurture entrepreneurs.
All candidates undergo the same thorough evaluation process, with investments made on a rolling basis throughout the year. Looking ahead, the program aims to invest in up to an additional 10 startups this year. Interested founders are encouraged to learn more and apply via Madica’s website.
