Madica supports African startups with $600,000

25th April 202


Head of Madica, Emmanuel Adegboye

Madica, a structured investment programme focused on pre-seed stage startups in Africa, has announced its initial investments in three innovative startups.

According to a statement on Wednesday, each startup has received an investment of up to $200,000 and will benefit from Madica’s comprehensive 18-month company-building support programme.

It stated that the programme offered a personalised curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s global network of investors for follow-on funding.

The firm noted that the support was designed to drive growth and ensure the long-term success of the startup.

The Head of Madica, Emmanuel Adegboye, said, “We are 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 desperately 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 noted that it employed an open application process, allowing founders to apply without an introduction.

According to the firm, the programme collaborates with local ecosystem players like incubators, accelerators, and angel networks to discover and support entrepreneurs.

It added that all applicants undergo the same evaluation process, with investments made on a rolling basis throughout the year.

It noted that the programme intended to invest in up to 10 additional startups this year, adding that interested founders could learn more and apply by visiting Madica’s website.

The Chief Executive Officer of Kola Market, Marie-Reine Seshie, said it was a significant moment for Kola Market because it went beyond just funding.

Seshie remarked that it was a strong vote of confidence in their mission to transform the SME landscape in Africa, which sets it on an accelerated path.

“We are encouraged by 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,” she explained.


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