Madica, a structured investment program focused on pre-seed stage startups in Africa, has announced initial investments in three innovative startups.
Each startup will receive an investment of up to $200,000 and benefit from Madica’s comprehensive 18-month company formation support program, according to a statement on Wednesday.
The program is said to offer a personalized curriculum, hands-on mentorship, founder intensive travel, executive coaching, and access to Madica’s global investor network for continued funding. I am.
The company said this support is designed to foster growth and ensure the startup’s long-term success.
Emmanuel Adegboye, Head of Madika, said:
“Each of these startups represents the untapped potential of African founders who are often perceived as risky by global investors and therefore lack much-needed support. Our goal this year is to support more of these founders and integrate them into the global startup ecosystem.
“The apparent imbalance in venture funding in Africa is of great concern and we want to support founders who are often overlooked by investors. We aim to inspire our founders to join us in our goal of broadening the scope of our leadership.”
Madica noted that it has an open application process, allowing founders to apply without a referral.
The program works with local ecosystem players such as incubators, accelerators and angel networks to discover and support entrepreneurs, the company said.
It added that all applicants will undergo the same evaluation process and investments will be made on a rolling basis throughout the year.
The program plans to invest in up to 10 more startups this year, he said, adding that interested founders can visit Madica’s website to learn more and apply.
Marie-Reine Cecier, CEO of Cola Market, said this was an important moment for Cola Market beyond just raising capital.
Mr. Cecier said this is a strong vote of confidence in their mission to transform the landscape of small and medium-sized enterprises in Africa and put them on a trajectory to accelerate.
“We are encouraged by the possibilities opened up by this support, allowing us to test new ideas and expand our business in ways that make a difference, especially for our customers.
“We are excited to be working with Madica as we grow our team, develop production capacity and bring cultured meat to the mainstream market. From a purpose perspective, this is a great fit. We look forward to continuing and scaling this partnership,” she explained.
