Madica Backs Five Diverse African Startups Across Four Markets

Madica, a structured investment program for pre-seed African startups, has announced five new investments that extend its portfolio into Algeria and Cameroon — marking the first time the fund has invested in these countries. The additions strengthen Madica’s presence across Africa while backing companies spanning HR technology, financial services, semiconductors, and the circular economy.

The five startups receiving up to $200,000 each include:

  • Talenteo (Algeria): An all-in-one HR management platform for medium-sized businesses in Francophone Africa
  • Paysika (Cameroon): A digital neobank providing virtual and physical payment cards with international transaction capabilities
  • ChipMango (Nigeria): Building Africa’s semiconductor ecosystem through chip design services and localized AI products
  • Delta Oil (Egypt): Transforming used cooking oil into a renewable feedstock
  • Bekia (Egypt): A digital platform building the collection infrastructure for Egypt’s recycling economy

Beyond capital, these startups will gain access to Madica’s 18-month investment program that includes mentorship, executive coaching, founder immersion trips, and connections to a global investor network.

“We’re seeing exceptional founders emerge from every corner of Africa, yet access to early-stage funding remains concentrated in established ecosystems,” said Emmanuel Adegboye, Head of Madica. “Our investments in Algeria and Cameroon demonstrate that world-class businesses can come from overlooked markets.”

These new investments align with Madica’s strategy to back founders addressing critical challenges while expanding venture capital access beyond traditional hubs. With limited institutional VC presence in Algeria and Cameroon, these first investments represent a significant entry point for outside funding.

“Too often, founders like us have to work twice as hard to access the resources we need,” said Louai Djaffer, Co-founder of Talenteo. “Madica looked beyond our geography and backed our vision.”