Madica Expands Pan-African Investment with $1M Funding Round

Madica, a structured investment program for pre-seed African startups owned by Flourish Ventures, has announced its latest round of funding totaling approximately $1 million. This expansion marks the first time Madica has invested in Algeria and Cameroon, while strengthening its presence across the continent.

The five selected startups—Talenteo (Algeria), Paysika (Cameroon), ChipMango (Nigeria), Delta Oil (Egypt) and Bekia (Egypt)—will each receive up to $200,000. Beyond capital, Madica offers a comprehensive 18-month program including mentorship, executive coaching, founder immersion trips, and access to its global investor network. ## Diverse Innovation Across Africa

The startups represent a wide range of sectors critical to Africa’s future: HR technology, financial services, semiconductors, and the circular economy. Here’s a closer look at each company:

  • Talenteo (Algeria): An all-in-one HR management platform for medium-sized businesses in Francophone Africa.
  • Paysika (Cameroon): A digital neobank providing accessible banking services with virtual and physical payment cards.
  • ChipMango (Nigeria): Building Africa’s semiconductor ecosystem through chip design, education, and localized AI solutions.
  • Delta Oil (Egypt): Creating infrastructure to connect used cooking oil collection networks with renewable fuel buyers.
  • Bekia (Egypt): A digital platform incentivizing recycling by paying households and businesses for recyclable waste. ## Catalyzing Growth in Underserved Markets \This investment is particularly significant as it represents one of the few institutional venture capital entries into Algeria and Cameroon, markets often overlooked by investors. Roger Nengwe, co-founder and CEO of Paysika, described the funding as a “much-needed catalyst” that will enable them to expand access to modern financial services across Central Africa. \Emmanuel Adegboye, Head of Madica, emphasized their commitment to backing founders in underserved markets: “We’ve always believed exceptional talent can be found everywhere on this continent. By investing in Algeria and Cameroon, we’re demonstrating that world-class businesses can emerge from historically overlooked regions.”

The new investments reinforce Madica’s strategy of providing patient capital and company-building support to help African startups create lasting impact both locally and globally.