Madica, an African-focused pre-seed investment program, has disclosed its initial investments in three promising African startups: Kola Market, GoBEBA, and NewForm Foods. This news arrives at a time when funding for African startups experienced a decline, dropping from $6.5 billion in 2022 to $3.5 billion in 2023.
The selected startups, each granted up to $200,000 in funding, will benefit from an extensive 18-month support program tailored to their specific requirements. Emmanuel Adegboye, Head of Madica, stressed the program’s dedication to supporting founders often overlooked by conventional investors.
Launched in 2022 with backing from Flourish Ventures, a US-based venture capital firm, Madica aims to empower underrepresented founders across Africa. The program offers financial assistance, technological guidance, and mentorship, addressing common challenges such as limited access to capital and insufficient mentorship.
Meet the Awardees:
1. Kola Market: Founded by Marie-Reine Seshie in Ghana, Kola Market assists SMEs in enhancing sales, optimizing inventory, and securing financing. Seshie expressed appreciation for the funding, highlighting its potential to drive innovation and scale operations.
2. GoBEBA: Co-founded by Lesley Mbogo and Peter Ndiang’ui in Kenya, GoBEBA operates as a direct-to-customer eCommerce platform, facilitating the purchase and delivery of essential utilities in urban areas. The platform ensures safe, quick, and reliable doorstep service, addressing critical market needs.
3. NewForm Foods: South African startup NewForm Foods, founded by Brett Thompson and Tasneem Karodia, focuses on enabling food producers and retailers to develop and scale cultivated meat products cost-effectively. This innovative approach holds promise for revolutionizing the food industry while addressing sustainability concerns.
As funding for African startups faces challenges, initiatives like Madica play a vital role in fostering innovation, entrepreneurship, and wealth creation across the continent. The success of these startups underscores the immense potential and talent within Africa’s burgeoning entrepreneurial ecosystem.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
25th April, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
