Introduction

Madica, the Africa-focused pre-seed investment programme, has committed $200,000 to each of five new startups, expanding into Algeria and Cameroon. The moves highlight the firm's push to find high-potential founders beyond the continent's traditional funding hubs.

What Happened

This latest funding round brings Madica's portfolio to 18 companies across 10 markets since its 2022 launch, with $1.6 million deployed so far this year. Each startup receives not only capital but also an 18-month programme offering mentorship, executive coaching, funded immersion trips, and access to Madica's investor network. The five new ventures span HR software, digital banking, chip design, renewable energy, and waste recovery, representing markets that rarely feature in mainstream African tech funding announcements. Startups include Talenteo from Algeria, which builds HR software for medium and mid-market firms across Francophone Africa; Paysika from Cameroon, a digital neobank issuing virtual and physical cards to consumers and small businesses; ChipMango from Nigeria, focused on chip design, engineering training, and edge AI products; Delta Oil from Egypt, connecting used cooking oil collectors to international renewable fuel buyers; and Bekia from Egypt, which pays households and businesses for recyclable waste and supplies industrial buyers.

  • Talenteo (Algeria): HR software for medium and mid-market firms across Francophone Africa
  • Paysika (Cameroon): Digital neobank issuing virtual and physical cards to consumers and SMBs
  • ChipMango (Nigeria): Chip design, engineering training, and edge AI products
  • Delta Oil (Egypt): Connects used cooking oil collectors to international renewable fuel buyers
  • Bekia (Egypt): Pays households and businesses for recyclable waste, supplies industrial buyers

Why This Matters

Madica's expansion into Algeria and Cameroon underscores a deliberate thesis: some of Africa's best startups emerge from overlooked markets. By investing in regions rarely highlighted in funding news, the programme aims to diversify the continent's innovation landscape and challenge the dominance of the big four markets, Nigeria, Kenya, South Africa, and Egypt. Emmanuel Adegboye, head of Madica, emphasized that the fund was designed to back founders, sectors, and profiles typically underfunded on the continent, and that $200,000, while significant, often requires co-investment to bridge the gap between rounds.

Key Takeaways

Madica has invested $200,000 each in five new startups across Algeria, Cameroon, Nigeria, and Egypt. The programme's 18-month support package includes mentorship, coaching, and investor access beyond capital. The investments reflect a strategy to identify and back underfunded founders and sectors across Africa. Co-investment is now standard for Madica, as individual checks alone may not bridge the funding gap between rounds. The fund's growth to 18 companies in 10 markets signals an expanding footprint beyond traditional tech hubs.

Conclusion

Madica's latest $1 million infusion into five African startups marks a strategic step toward diversifying the continent's startup funding ecosystem. By targeting Algeria, Cameroon, and other emerging markets, the programme continues to champion underrepresented founders and sectors. Investors and ecosystem players should watch how these ventures scale and whether this model of pan-African, market-agnostic backing proves sustainable.