This news comes amidst a decline in funding for African startups, which dropped to $3.5 billion in 2023 after reaching a peak of $6.5 billion in 2022.

Each of the chosen startups will receive up to $200,000 in funding alongside entry into Madica’s 18-month program.

This program provides tailored company-building support to address the specific needs of each venture.

Madica’s Head, Emmanuel Adegboye, acknowledged the uneven distribution of venture capital in Africa and emphasized that the program aims to empower founders who are frequently overlooked by investors.

“These startups exemplify the unrealized potential of African entrepreneurs who lack crucial support due to a perception of high risk by global investors,” Adegboye said.

“Our mission this year is to empower more of these founders and integrate them into the global startup landscape.”

Launched in 2022 with the backing of Flourish Ventures, a US-based venture capital firm, Madica bridges the gap by offering funding, technological assistance, and mentorship to underrepresented founders across Africa.

The program tackles the distinct challenges faced by African startups, including limited access to capital, a lack of investors and mentors, and the absence of structured support systems.

These limitations hinder efforts to address critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.

Investing in the Future of African Innovation

• Kola Market: Founded by Marie-Reine Seshie, this Ghanaian B2B platform empowers SMEs by streamlining sales, optimizing inventory management, and facilitating access to financing. The funding will enable Kola Market to test new initiatives and expand operations to deliver greater value to its customers.
• GoBEBA: Co-founded by Lesley Mbogo and Peter Ndiang’ui, GoBEBA is a Kenyan e-commerce platform that simplifies the purchase and doorstep delivery of essential bulky goods in urban areas, ensuring a safe, swift, and reliable service.
• NewForm Foods: This South African company, established by Brett Thompson and Tasneem Karodia, provides food producers and retailers with the tools to rapidly develop and scale cultivated meat production at a significantly lower cost than current industry standards.

Madica’s investment in these innovative startups signifies a commitment to nurturing the next generation of African entrepreneurs and propelling Africa’s future through technological advancements.