Madica, a special investment program helping new businesses in Africa, just made its first investments in three startups on the continent.
Started in 2022 and linked with a finance-focused investment firm called Flourish Ventures, Madica is a program that helps startups in Africa overcome challenges like not enough money, not enough people investing, not enough guidance, and not enough structured help to solve big problems and create new things
Now, Madica announced it’s giving its first investments to three startups, giving each one up to $200,000 and including them in a program to help them grow for 18 months. This program is tailored to each startup’s needs.
The three startups getting the money are Kola Market from Ghana, helping small businesses sell more, manage their stock better, and get financing; GoBEBA from Kenya, offering an online shop for big items like utilities with quick delivery to customers; and NewForm Foods from South Africa, helping food makers and sellers quickly make and sell meat products made in labs.
Besides the money, Madica also offers a special plan, personal help, trips for founders, coaching, and a chance to get more money from other investors.
Emmanuel Adegboye, who heads Madica, says they’re happy to help these startups, showing off the talent and new ideas in Africa. He says African founders often don’t get the help they need because investors think they’re too risky. Madica wants to change that and inspire other investors to help more founders.
Madica lets anyone apply, and they work with local groups to find and help entrepreneurs. They’re planning to invest in up to 10 more startups this year, and founders who want in can find out more on Madica’s website.
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