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Kenyan Startup, GoBEBA, Among the 3 Startups in Madica’s First Set of African Portfolio Companies

Madica team and the portfolio companies

Madica has announced its first set of investments in three African startups. Madica is a structured investment program designed for pre-seed stage startups in Africa.

Each of the three startups will receive $200,000 and will be part of Madica’s comprehensive investment program. This consists of 18 months of dedicated company-building support tailored to the unique needs of each startup. Madica offers highly personalized curriculum, hands-on mentorship, invitations to fully-funded week-long founder immersion trips, executive coaching opportunities, and access to madica’s global network of investors for follow-on funding – all designed to spur growth and ensure the long-term viability of the startups.

Madica was launched in 2022 and is affiliated with Flourish Ventures, a global Fintech venture capital firm with purpose. Madica is a sector-agnostic investment program designed to address structural gaps in Africa’s startup ecosystem. The program addresses the key challenges such as limited access to capital, a scarcity of investors, insufficient mentorship, and the lack of structured support necessary for startups to resolve critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.

Madica’s first set of African portfolio companies include: 

  • GoBEBA (Kenya), co-founded by Lesley Mbogo and Peter Ndiang’ui, offers a direct-to-customer e-commerce platform that streamlines the purchase and delivery of bulky essential utilities, ensuring safe, quick, and reliable doorstep service in urban areas.
  • Kola Market (Ghana), founded by Marie-Reine Seshie, assists SMEs in enhancing sales, optimising inventory, and securing financing via a comprehensive B2B platform that simplifies business operations and improves efficiency. 
  • NewForm Foods (South Africa), founded by Brett Thompson and Tasneem Karodia, enables food producers and retailers to rapidly develop and scale cultivated meat products at a cost well below industry standards. 

Emmanuel Adegboye, Head of Madica, said, “We’re excited to announce our first set of investments, which showcase the remarkable talent and innovation in the African tech ecosystem. 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. 

The glaring imbalance in venture funding in Africa is a big concern, and we want to support founders who are often overlooked by investors. We aim to be a catalyst and inspire other investors to join our goal of broadening the reach of venture capital and founder mentorship.” 

Madica employs an open application process, allowing founders to apply without an introduction. The program collaborates with local ecosystem players like incubators, accelerators, and angel networks to discover and support entrepreneurs. All applicants undergo the same evaluation process, with investments made on a rolling basis throughout the year. The program intends to invest in up to an additional 10 startups this year.

Marie-Reine Seshie, Founder & CEO, Kola Market, affirming the sentiments of the portfolio companies stated, “We’re excited to share the news of our collaboration with Madica. It’s a significant moment for us at Kola Market because it goes beyond just funding — it is a strong vote of confidence in our mission to transform the SME landscape in Africa, and Madica’s post-investment support sets us on an accelerated path. We’re encouraged about the possibilities this support opens up, allowing us to test new ideas and scale our operations in ways that will make a difference, especially for our customers. 

“We’re excited to be working with Madica as we grow our team, develop our production capabilities and bring cultivated meat to mainstream markets. In terms of purpose, I think this is a great fit and we look forward to continuing this partnership into the future on our journey to scale.” Tasneem Karodia – Co-Founder & COO, Newform Foods.

Also Read: A Look into Africa’s Startup Funding Landscape with Efayomi Carr From Flourish Ventures

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