Each start-up received an investment of up to $200 000 and now form part of Madica’s investment programme, which includes 18 months of company-building support tailored to the unique needs of each start-up, according to the statement.
“The glaring imbalance in venture funding in Africa is a big concern, and we want to support founders who are often overlooked by investors. We aim to be a catalyst and inspire other investors to join our goal of broadening the reach of venture capital and founder mentorship.” The investment vehicle’s first set of portfolio companies was selected from applicants covering Africa that deliver tech-enabled solutions across growing and expanding verticals.
GoBEBA, co-founded by Lesley Mbogo and Peter Ndiang’ui, offers a direct-to-customer e-commerce platform that streamlines the purchase and delivery of bulky essential utilities.