Madica, an established investment programme dedicated to supporting pre-seed-stage startups across Africa, has unveiled its initial investments in three groundbreaking startups.
In an announcement made on Wednesday, each of these startups has secured up to $200,000 in investment and will benefit from Madica’s extensive 18-month support programme aimed at fostering company growth.
This comprehensive programme offers a tailored curriculum, hands-on mentorship, immersive founder trips, executive coaching, and access to Madica’s global network of investors for potential follow-on funding.
Emphasising the programme’s mission to drive growth and ensure the long-term success of startups, Emmanuel Adegboye, Head of Madica, expressed his excitement, stating, “We are delighted to announce our inaugural investments, highlighting the exceptional talent and innovation within the African tech ecosystem. Each of these startups embodies the untapped potential of African founders, who often lack the necessary support due to perceived risks by global investors.”
Adegboye further emphasised Madica’s commitment to addressing the disparity in venture funding in Africa and serving as a catalyst for broader venture capital accessibility and founder mentorship.
Madica employs an inclusive application process, enabling founders to apply without the need for prior introduction. The programme collaborates with local ecosystem stakeholders, such as incubators, accelerators, and angel networks, to identify and support entrepreneurs. Investments are made on a rolling basis throughout the year, with the programme aiming to invest in up to 10 additional startups in the current year.
Interested founders can find further information and apply through Madica’s official website.
Marie-Reine Seshie, CEO of Kola Market, hailed the investment as a significant milestone, noting that it signifies more than just financial support. Seshie described it as a vote of confidence in their mission to revolutionise the SME landscape in Africa, propelling them towards accelerated growth.
Expressing enthusiasm about the opportunities brought forth by this support, Seshie highlighted the potential for testing new ideas and scaling operations, particularly for the benefit of their customers.
“We are thrilled to collaborate with Madica as we expand our team, enhance production capabilities, and introduce cultivated meat to mainstream markets. This partnership aligns perfectly with our purpose, and we eagerly anticipate continuing this journey with Madica into the future,” she remarked.