Madica Invests $200,000 Each in Five African Startups, Expanding to New Markets

Africa-focused pre-seed investment program Madica has announced five new investments totaling $1 million, marking its entry into Algeria and Cameroon - markets rarely featured in African tech funding. Each startup receives a $200,000 investment plus access to an 18-month mentorship program including executive coaching, immersion trips, and connections to Madica’s investor network.

The new investments bring Madica’s portfolio to 18 companies across 10 countries since launching in 2022. This year alone, the firm has deployed $1.6 million after previous investments in April, demonstrating its commitment to finding high-potential startups outside of Africa’s major tech hubs.

“Our thesis remains focused on backing founders across sectors and markets that are often overlooked,” said Emmanuel Adegboye, head of Madica, which is backed by global venture firm Flourish Ventures. “We believe some of Africa’s best companies can be found in these less-visible ecosystems.”

The five new startups include:

  • Talenteo (Algeria): HR software for medium-sized businesses across Francophone Africa
  • Paysika (Cameroon): Digital neobank issuing cards to consumers and SMEs in Central Africa
  • ChipMango (Nigeria): Edge AI product design, engineering training, and chip development
  • Delta Oil (Egypt): Connecting used cooking oil collectors to renewable fuel buyers
  • Bekia (Egypt): Waste recycling platform that pays households and businesses

Madica’s approach emphasizes building relationships with local ecosystems through direct applications, referrals from other funds, and on-the-ground research. “We actively seek out opportunities in untapped markets,” Adegboye explained, noting that Talenteo came through a referral from an Algerian ecosystem leader.

The firm has also increased its investment size, now typically co-investing with others to provide more substantial funding for startups as they grow beyond the initial pre-seed stage. “$200,000 alone can be challenging for African companies to scale,” Adegboye noted.