Economy
Madica Invests $600k in Kola Market, GoBEBA, NewForm Foods
By Adedapo Adesanya
Madica, a structured investment programme designed for pre-seed stage startups in Africa, has announced its first set of investments totalling $600,000 in three startups – Kola Market, GoBEBA, and NewForm Foods.
According to a statement, each startup has received an investment of up to $200,000 and is now a part of Madica’s comprehensive investment programme which includes 18 months of dedicated company-building support tailored to the unique needs of each startup.
Madica, launched in 2022 and affiliated with Flourish Ventures – a global fintech venture capital firm with purpose, is a sector-agnostic investment programme designed to address structural gaps in Africa’s startup ecosystem.
It delivers its support through a highly personalized curriculum, hands-on mentorship, invitations to fully-funded week-long founder immersion trips, executive coaching opportunities, and access to its global network of investors for follow-on funding – all designed to spur growth and ensure the long-term viability of the startups.
The programme tackles key challenges such as limited access to capital, a scarcity of investors, insufficient mentorship, and the lack of structured support necessary for startups to resolve critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.
Kola Market (Ghana), founded by Marie-Reine Seshie, assists SMEs in enhancing sales, optimising inventory, and securing financing via a comprehensive B2B platform that simplifies business operations and improves efficiency.
GoBEBA (Kenya), 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, ensuring safe, quick, and reliable doorstep service in urban areas.
NewForm Foods (South Africa), founded by Brett Thompson and Tasneem Karodia, enables food producers and retailers to rapidly develop and scale cultivated meat products at a cost well below industry standards.
Madica employs an open application process, allowing founders to apply without an introduction. The program collaborates with local ecosystem players like incubators, accelerators, and angel networks to discover and support entrepreneurs. All applicants undergo the same evaluation process, with investments made on a rolling basis throughout the year.
The programme intends to invest in up to an additional 10 startups this year and has opened application via its website.
Speaking on this latest move, Mr Emmanuel Adegboye, Head of Madica, said, “We’re excited to announce our first set of investments, which showcase the remarkable talent and innovation in the African tech ecosystem. Each one of these startups represents the untapped potential of African founders who lack the support they direly need because they are too often perceived as risky by global investors. This year, our goal is to support more of these founders and integrate them into the global startup ecosystem.
“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.”
For Marie-Reine Seshie, Founder & CEO of Kola Market, affirming the sentiments of the portfolio companies stated, “We’re excited to share the news of our collaboration with Madica. It’s a significant moment for us at Kola Market because it goes beyond just funding — it is a strong vote of confidence in our mission to transform the SME landscape in Africa, and Madica’s post-investment support sets us on an accelerated path. We’re encouraged about the possibilities this support opens up, allowing us to test new ideas and scale our operations in ways that will make a difference, especially for our customers.
“We’re excited to be working with Madica as we grow our team, develop our production capabilities and bring cultivated meat to mainstream markets. In terms of purpose, I think this is a great fit and we look forward to continuing this partnership into the future on our journey to scale,” said Tasneem Karodia – Co-Founder & COO, Newform Foods.
Over the past year, Madica has also made significant investments in team capacity to deepen its support to founders. In addition to Nairobi-based Brenda Wangari who leads Portfolio Success, Madica has recently appointed Shamsa Mohamed, a Nairobi-based expert in startup and VC marketing and communications as the Communications and Community Manager, and Francis Vesta, a Lagos-based investment professional and ex-founder, as an Investment Associate. The Madica team along with its board and network of mentors brings tremendous domain and local operational expertise to help Madica founders scale their ventures.
Adding her input, Ms Wangari on the selection of the startups, noted: “Our first investments, Kola Market, GoBEBA, and NewForm Foods exemplify the entrepreneurial spirit and potential for change. At Madica, we’re dedicated to providing a foundation for African startup growth through rigorous programmatic support, mentorship, and access to our extensive network. It’s about empowering founders to not only navigate the complexities of their industries but also to thrive and set new benchmarks for success.”
To ensure founders have access to the skills, expertise, and resources needed for success, Madica recently conducted its first founders immersion trip in South Africa featuring in-person meetings with a trusted network of investors, mentors, senior operators, and ecosystem leaders.
The trip also offered founders an opportunity to present to renowned global investors at the 10th Anniversary of the Africa Early Stage Investor Summit. The founders presented their growth plans while pitching for follow-on investment, corporate support, and strategic partnerships. The next founder immersion trip is scheduled for June 2024 in London to help founders plug into additional investor communities.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed lower by 0.14 per cent on the first trading day of the new week, Monday, May 19.
The bourse was under a selling pressure, which took out 4.37 points from the NASD Unlisted Security Index (NSI), leaving it at 3,150.49 points compared with the previous session’s 3,154.86 points.
In the same vein, the market capitalisation of the alternative stock exchange lost N2.56 billion to close at N1.844 trillion, in contrast to the N1.847 trillion it ended last Friday.
Business Post reports that FrieslandCampina Wamco Nigeria Plc depreciated by N1.00 to sell for N40.00 per unit versus the preceding session’s price of N41.00 per unit, and Geo-Fluids Plc went down by 23 Kobo to settle at N2.31 per share compared with last Friday’s rate of N2.54 per share.
On the flip side, AG Mortgage Bank Plc increased during the session by 5 Kobo to sell for 63 Kobo per unit versus the previous trading day’s 58 Kobo per unit.
The volume of securities transacted in the session jumped by 16,446.2 per cent to 42.0 million units from the 253,960 units traded in the previous trading day, the value of transactions rose by 1,264.5 per cent to N210.6 million from N15.4 million, and the number of deals fell by 75 per cent to nine deals from 36 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.7 million units valued at N471.3 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
Also, Okitipupa Plc was the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 21.8 million units sold for N837.9 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.
By Aduragbemi Omiyale
Consumers of Premium Motor Spirit (PMS), otherwise known as petrol, in Nigeria have been assured price stability amid the unstable prices of crude oil in the global market.
This assurance was given by the Dangote Petroleum Refinery and Petrochemicals, which sells the crude oil derivative in the country.
In recent times, the private oil refiner has reduced the PMS pump price to make the product accessible to motorists and other users.
The company, in a release signed its Group Chief Branding and Communications Officer, Mr Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.
The decision, the firm stated, underscores its dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability.
“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services.
“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians.
“We are immensely grateful to President Tinubu for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” the organisation said.
The company assured all stakeholders—consumers, partners, and the government—of its continuous dedication to operational excellence and national service.
“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work,” it noted.
By Adedapo Adesanya
The Naira appreciated against the United States Dollar in the parallel and official markets on Monday as the financial markets anticipate the decision of the Monetary Policy Committee (MPC) on Tuesday.
The MPC of the Central Bank of Nigeria (CBN) is expected to keep the key interest rate of 27.50 per cent for a second straight meeting as inflation continues to cool.
In the black market yesterday, the Nigerian currency improved its value against the Dollar by N5 to settle at N1,620/$1 compared with the preceding session’s rate of N1,625/$1.
In the same vein, the local currency gained 63 Kobo or 0.04 per cent on the American currency in the Nigerian Autonomous Foreign Exchange Market (NAFEX) during the session to trade at N1,598.94/$1, in contrast to last Friday’s value of N1,599.57/$1.
However, the Naira depreciated against the Pound Sterling in the spot market by N13.87 to close at N2,137.29/£1 versus the previous trading day’s N2,123.42/£1 and lost N10.99 against the Euro to finish at N1,799.00/€1 versus N1,788.01/€1.
Meanwhile, the cryptocurrency market was bullish on Monday as investors looked past Moody’s downgrade of the US’ credit rating last Friday, extending the markets’ rally from last week on the US-China’s temporary trade truce.
The 90-day tariff pause has given market participants a clear, short-term positive signal that’s supportive for risk assets including crypto.
Moody’s lowered the US credit rating down one notch to Aa1 from Aaa, bringing the agency in line with peers.
The firm cited financing challenges tied to the federal government’s growing budget deficit and the ramifications of rolling over existing U.S. debts in a period of high borrowing costs.
The debt downgrade pressured bond prices and sent yields higher at a time when the economy is already awaiting the full impact of President Donald Trump’s unfolding tariff policy, but it didn’t stop the direction of crypto prices.
Ethereum (ETH) jumped by 6.8 per cent to $2,550.21, Solana (SOL) grew by 3.8 per cent to $168.81, Dogecoin (DOGE) increased by 3.6 per cent to $0.2253, Bitcoin (BTC) grew by 2.9 per cent to $106,006.35, Cardano (ADA) rose by 2.6 per cent to $0.7413, Litecoin (LTC) improved by 2.2 per cent to $97.53, Binance Coin (BNB) gained 1.9 per cent to sell for $650.85, and Ripple (XRP) appreciated by 1.2 per cent to $2.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00, respectively.
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