💵 Madica invests $200k in 3 African startups each

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Innovation Village
April 26, 2024

Today’s Menu ☕️

💵 Madica funds trio of African startups with $200,000 investment each in inaugural funding round.
🌞 Xlinks First Ltd. Secures $14.1 Million from AFC for Morocco – UK Power Project
📱Threads Jumps to 150 Million Monthly Users, Signaling a Shift in the Social Media Landscape
👨🏻‍💻Opportunities

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💵 STARTUPS

Madica funds trio of African startups with $200,000 investment each in inaugural funding round

Madica, a pre-seed funding initiative with a focus on nurturing African-based startups, has recently announced its investment in three burgeoning enterprises on the continent: Kola Market, GoBEBA, and NewForm Foods. This announcement occurs in the midst of a funding downturn for African startups, which saw a retreat to $3.5 billion in 2023 after an impressive climb from $2 billion in 2019 to a peak of $6.5 billion in 2022.

As part of Madica’s commitment, each of these nascent enterprises will be endowed with an investment ceiling of $200,000. In addition to the financial boost, they will be incorporated into Madica’s comprehensive 18-month investment program. This program is distinctively designed to provide customized company-building support, meticulously crafted to align with the specific requirements of each startup....….continue reading

🌞 RENEWABLE ENERGY

Xlinks First Ltd. Secures $14.1 Million from AFC for Morocco – UK Power Project

In a recent development for renewable energy initiatives, Xlinks First Ltd. has announced a substantial investment of $14.1 million from Africa Finance Corporation (AFC), the premier infrastructure solutions provider on the African continent. This investment is set to propel the advancement of Xlinks’ ambitious Morocco – UK Power Project, aimed at delivering affordable, reliable, and clean energy from Morocco to Britain within the next decade.

AFC’s backing represents a significant milestone for the Morocco – UK Power Project, underlining Morocco’s pivotal role as a leader in renewable energy within the continent. It also highlights how Africa’s abundant renewable energy potential can offer solutions that contribute to the global energy transition. Once operational, the project’s combined wind and solar generation, complemented by flexible battery storage, will provide an impressive 3.6GW of clean power. This substantial output is equivalent to fulfilling 8% of Britain’s current electricity requirements or powering approximately 7 million homes....….continue reading

📲 SOCIAL MEDIA

Threads Jumps to 150 Million Monthly Users, Signaling a Shift in the Social Media Landscape

Threads, Meta’s text-focused social app, has surpassed a significant milestone, reaching 150 million monthly active users. This rapid growth, highlighted by Meta CEO Mark Zuckerberg, represents a 20 million user surge since February and underscores a potential transformation in how users engage with social media.

Industry reports suggest Threads is outpacing X in terms of daily active users within the United States. While Threads’ user base is still smaller than Twitter’s reported 550 million monthly active users, the trajectory highlights that it’s rapidly gaining ground. 

Threads’ success resonates with users seeking a less chaotic and more focused online community. This trend could be intensified by the politically charged environment on established platforms like X....….continue reading

OTHER STORIES

OPPORTUNITIES

  • Call for Applications: 4th Cohort of AUDA-NEPAD’s Healthcare Accelerator Program…..read more

  • Mastercard Foundation Fund Invites Agribusiness SMEs to Apply for Resilience and Prosperity Grants….read more

  • Huawei invites applications for Kenya’s Seeds for the Future Programme 2024…..read more

  • Entries open for 2024 Edition of Global Startup Awards Africa: Aiming to spotlight Africa’s top innovators and entrepreneurs…..read more

  • 12 African entrepreneurs win a total of US$400,000 in grants from the FINCA Ventures Prize Competition…..read more

  • Irish Tech Challenge 2024: Call for South African startups to help address global issues….read more

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Rowland Osahon
Innovation Village