Madica Backs Five More African Startups, Including First Deals in North Africa
Madica, a pre-seed investment program focused on empowering underrepresented founders across Africa, has announced five new portfolio additions. This expansion marks the first time Madica has invested in Algeria and Cameroon, while reinforcing its presence in established startup hubs like Nigeria and Egypt.
Launched in 2022 with affiliation to Flourish Ventures, Madica provides up to $200,000 in funding alongside a structured 18-month program offering mentorship, executive coaching, founder immersion experiences, and access to a global investor network. The latest cohort brings Madica’s total portfolio to 18 companies.
New Investments Include:
- Talenteo (Algeria): An all-in-one HR management platform
- Paysika (Cameroon): A digital neobank
- ChipMango (Nigeria): Building Africa’s semiconductor ecosystem through chip design, education and AI solutions
- Delta Oil (Egypt): Connecting used cooking oil collection networks to international buyers
- Bekia (Egypt): Creating a digital platform for Egypt’s recycling economy
The investments highlight Madica’s commitment to expanding venture capital access beyond traditional hubs. In Algeria and Cameroon, where institutional funding remains scarce, these mark rare early-stage investments from a structured program.
“We believe exceptional founders exist everywhere in Africa, yet capital tends to concentrate in a few ecosystems,” said Emmanuel Adegboye, Head of Madica. “These new investments demonstrate that world-class businesses can emerge from overlooked markets, creating lasting impact across the continent and beyond.”
The latest cohort underscores Madica’s sector-agnostic approach, backing companies tackling challenges ranging from workforce management to sustainable resource utilization and digital inclusion.