Madica, a pioneering investment initiative, has unveiled its inaugural investments in three groundbreaking startups.
This strategic infusion of capital, up to $200,000 for each venture, is part of a broader commitment to nurture early-stage African innovation through comprehensive support over 18 months.
Madica, which emerged in 2022 under the auspices of Flourish Ventures, operates with a mission to bridge the systemic gaps plaguing Africa’s startup ecosystem. By providing sector-agnostic support, Madica confronts the continent’s challenges head-on: limited funding access, a shortage of investors, and a critical need for structured mentorship.
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Medics Selected startups for the program
The trio of startups selected for investment exemplifies the diverse potential of African tech-enabled solutions.
Kola Market, hailing from Ghana, is revolutionising the B2B sector by empowering SMEs to boost sales, streamline inventory, and secure financing through an integrated platform.
GoBEBA, based in Kenya, is transforming e-commerce with its direct-to-customer platform, ensuring the swift and safe delivery of essential goods in urban locales.
South Africa’s NewForm Foods is at the forefront of food innovation, enabling the rapid development and scaling of cultivated meat products at costs that defy industry norms.
Emmanuel Adegboye, the visionary at the helm of Madica, expressed his enthusiasm for the investments, recognising them as a testament to the untapped potential within the African tech ecosystem. These startups, often sidelined by global investors due to perceived risks, now have the opportunity to flourish and integrate into the international startup community.
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Madica’s investment strategy
Madica’s investment strategy is inclusive and dynamic, employing an open application process that invites founders to apply without prior introductions. Collaborating with local incubators, accelerators, and angel networks, Madica seeks entrepreneurs who promise to innovate and drive economic growth. With plans to invest in ten more startups within the year, Madica is poised to catalyse a new era of venture capital and mentorship across Africa.
Marie-Reine Seshie, the founder and CEO of Kola Market, echoed the optimism of her fellow entrepreneurs, highlighting the significance of Medica’s support beyond mere funding. This partnership represents a leap forward for Kola Market, accelerating its mission to transform the SME landscape in Africa.
Madica’s strategic investments signal a new chapter in African entrepreneurship, where innovative ideas are recognised and robustly supported to achieve their full potential. As these startups embark on their growth journeys, they carry with them the aspirations of a continent eager to claim its place in the global tech arena.