Flourish-backed Madica invests in Kola Market, GoBEBA, Newform

Daba Finance/Flourish Ventures-backed Madica backs Kola Market, GoBEBA, Newform

STARTUP VENTURE CAPITALApril 28, 2024 at 11:05 AM UTC

TLDR

Madica, supported by Flourish Ventures, plans to invest in up to 10 ventures and 30 startups within its three-year program, targeting pre-seed startups in Africa.
Initial investments include Kola Market, a B2B platform for SMEs, GoBEBA, a Kenyan household goods retailer, and Newform Foods (formerly Mzansi Meat), a South African cultivated meat startup.
Launched in late 2022, Madica is expanding its reach to emerging markets like Tunisia, Morocco, Uganda, DRC, Rwanda, and Ethiopia for potential deals.

Madica, an investment program initiated by US-based Flourish Ventures to support pre-seed startups in Africa, is gearing up its funding activities. It aims to invest in up to 10 ventures by year-end and 30 startups by the end of its three-year program, after closing three initial deals.

The program's initial investees include Kola Market, a B2B platform assisting SMEs in boosting sales and streamlining operations. Others include GoBEBA, a Kenyan on-demand retailer of household goods, and Newform Foods (formerly Mzansi Meat), a South African cultivated meat startup.

Launched in late 2022, Madica aims to onboard more startups, exploring potential deals in emerging markets like Tunisia, Morocco, Uganda, DRC, Rwanda, and Ethiopia.

Key Takeaways

Access to funding and lack of support systems are some of the greatest challenges faced by startup founders in Africa. While venture capital and founder support programs within the continent are growing, a lot still remains to be done to meet the financing, technology, and social capital needs of the especially marginalized groups. It’s why the launch of programs like Madica is important, especially as it plans to reach underserved markets in the continent, outside the well-established hubs of Egypt, Kenya, Nigeria, and South Africa.

Madica

Flourish Ventures

Kola Market

GoBEBA

Newform Foods

E-commerce

Venture Capital

Venture Funding

Pre-Seed

Startups

Early-Stage