Madica, an Africa-focused pre-seed investment program, has announced its first investments in Algeria and Cameroon, backing five startups with up to $200,000 each. The move underscores the firm's commitment to underserved markets and diverse innovation across the continent.
TL;DR
- Madica invests in 5 African startups, entering Algeria and Cameroon for the first time.
- Startups span HR tech, financial services, semiconductors, and circular economy sectors.
- Each startup receives up to $200,000 and joins Madica's 18-month investment program.
What happened
Madica has added five new startups to its portfolio, marking its first investments in Algeria and Cameroon. The startups include Talenteo (Algeria), an HR management platform; Paysika (Cameroon), a digital neobank; ChipMango (Nigeria), a semiconductor ecosystem builder; Delta Oil (Egypt), a used cooking oil infrastructure company; and Bekia (Egypt), a recycling platform.
Each startup will receive up to $200,000 in funding and join Madica's 18-month investment program. This program offers patient capital, mentorship, executive coaching, founder immersion trips, and access to a global investor network.
Madica's investments reflect its pan-African strategy, aiming to back founders tackling pressing challenges and expanding access to venture capital in overlooked markets.
Why it matters
For developers and startup founders, Madica's investments highlight the growing opportunities in underserved African markets. The program's support can accelerate growth and provide crucial resources for building resilient, globally competitive businesses.
For tech investors, Madica's expansion into Algeria and Cameroon signals a shift in venture capital focus towards markets with historically low institutional investment. This move could open new avenues for high-impact investments in diverse sectors.
However, the success of these investments will depend on the startups' ability to scale and the continued support from Madica and its network. The long-term impact remains to be seen, but the initial investments mark a significant step in bridging the early-stage funding gap in Africa.
Key facts
- Madica has invested in 5 startups: Talenteo, Paysika, ChipMango, Delta Oil, and Bekia.
- Each startup receives up to $200,000 in funding.
- Madica's investment program spans 18 months, offering mentorship and access to a global investor network.
- Talenteo is an all-in-one HR management platform based in Algeria.
- Paysika is a digital neobank based in Cameroon, providing virtual and physical payment cards.
- ChipMango is building Africa's semiconductor ecosystem through chip design services and Edge AI products.
- Delta Oil is focused on transforming used cooking oil into a valuable feedstock for renewable fuels.
- Bekia is a digital platform building the collection layer for Egypt's recycling economy.
Context
Madica was launched in 2022 to address structural gaps in Africa's early-stage funding market. Affiliated with Flourish Ventures, an early-stage fintech venture investor, Madica aims to support founders in underserved markets across the continent.
The program is sector-agnostic and pairs long-term capital with company-building support. This approach gives founders the resources, expertise, and networks needed to build resilient, globally competitive businesses.
Madica continues to seek opportunities to invest across Africa, with a focus on startups that have a minimum viable product (MVP) with proven traction, full-time engaged founders, and little or no institutional funding.
