Madica Announces First African Investments
Emmanuel Adegboye, Head of Madica, acknowledges the imbalance in venture funding in Africa, emphasizing the program’s aim to support often-overlooked founders.
“Each one of these startups represents the untapped potential of African founders who lack the support they direly need because they are too often perceived as risky by global investors. This year, our goal is to support more of these founders and integrate them into the global startup ecosystem,” he expressed.
Flourish Ventures Backed Initiative
Launched in 2022 with the support of Flourish Ventures, a venture capital firm based in the United States, Madica offers funding, technology assistance, and mentorship to underrepresented founders across the continent.
The program addresses the challenges startups encounter in Africa, including limited access to capital, a scarcity of investors, insufficient mentorship, and the lack of structured support needed to resolve critical issues and promote innovation, entrepreneurship, and wealth creation across Africa.
Supported Startups
1. Kola Market
- Ghanaian-based B2B platform founded by Marie-Reine Seshie.
- Aims to help SMEs enhance sales, optimize inventory, and secure financing.
- Seshie revealed that this funding will help the platform test new ideas and scale operations in ways that will make a difference for customers.
2. GoBEBA
- Kenyan direct-to-customer eCommerce platform co-founded by Lesley Mbogo and Peter Ndiang’ui.
- Streamlines the purchase and delivery of bulky essential utilities, ensuring safe, quick, and reliable doorstep service in urban areas.
3. NewForm Foods