Madica Expands Across Africa with First Investments in Algeria, Cameroon

Venture capital firm Madica has announced five new pre-seed investments, marking its entry into the Algerian and Cameroonian markets. The additions expand Madica’s portfolio across four countries and multiple sectors including HR technology, fintech, semiconductors, and circular economy solutions.

The five startups receiving funding are:

• Talenteo (Algeria): An all-in-one HR management platform for businesses in Francophone Africa
• Paysika (Cameroon): A digital neobank offering virtual/physical cards and financial services
• ChipMango (Nigeria): Building semiconductor capabilities through design, education, and Edge AI products
• Delta Oil (Egypt): Creating infrastructure to connect used cooking oil collection with renewable fuel buyers
• Bekia (Egypt): A digital platform incentivizing recycling by paying households/businesses for waste

Each startup will receive up to $200,000 in funding and access to Madica’s 18-month program offering mentorship, executive coaching, founder immersion trips, and connections to a global investor network.

“We’re building the financial infrastructure allowing banking services that are more accessible, practical and inclusive for consumers and businesses across Central Africa,” said Roger Nengwe, Co-Founder of Paysika. “With Madica’s support, we’re well-positioned to accelerate our growth and scale our impact.”

The investments underscore Madica’s commitment to backing founders in underserved markets beyond established startup hubs. Emmanuel Adegboye, Head of Madica, noted that these are rare institutional investments in Algeria and Cameroon—markets often overlooked by venture capital firms.

“At Madica, we believe exceptional founders can emerge from any corner of Africa,” Adegboye stated. “We’re excited to partner with these entrepreneurs as they build category-defining companies capable of creating lasting impact.”

Madica was launched in 2022 with a focus on closing funding gaps for early-stage African startups, particularly those outside major tech hubs. The program provides not only capital but also company-building resources to help founders create globally competitive businesses.