Kenya’s GoBeba, Ghana’s Kola Market & South Africa’s NewForm Foods have raised $200,000 each from Madica, a Flourish Ventures-backed pre-seed fund for startups in Africa.
The three will also join Madica’s comprehensive investment program which includes 18 months of hands-on mentorship, week-long founder immersion trips, executive coaching opportunities, and access to madica’s global network of investors for follow-on funding.
According to Emmanuel Adegboye, Head of Madica, “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.
Above: Marie-Reine Seshie and Francis
Launched in 2022 and affiliated with Flourish Ventures, Madica is a sector-agnostic investment program designed to address structural gaps in Africa’s startup ecosystem. The program tackles 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.
Kola Market, 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 while Kenya’s GoBEBA, 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.
Above: GoBEBA, co-founded by Lesley Mbogo and Peter Ndiang’ui
South Africa’s NewForm Foods 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.
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. Interested founders can learn more and apply by visiting Madica’s website.
Above: Brett Thompson and Tasneem Karodia
Adegboye added that the glaring imbalance in venture funding in Africa is a big concern, and Madica aims 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,” he said.