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

Pan-African investment program Madica has announced new investments totaling $1 million across five startups, marking its entry into Algeria and Cameroon – markets often overlooked in the continent’s funding landscape. The additions expand Madica’s portfolio to 18 companies spanning 10 countries since its launch in 2022.

The program provides each startup with not only capital but also mentorship, executive coaching, international immersion experiences, and access to Madica’s investor network – all designed to support their growth journey. These latest investments bring Madica’s total deployed this year to $1.6 million following three previous deals in April.

The new cohort includes:

• Talenteo (Algeria): HR software for medium-sized businesses across Francophone Africa
• Paysika (Cameroon): Digital neobank issuing cards to consumers and small businesses
• ChipMango (Nigeria): Designs chips, provides engineering training, builds edge AI products
• Delta Oil (Egypt): Connects used cooking oil collectors with renewable fuel buyers
• Bekia (Egypt): Pays for recyclable waste and supplies industrial buyers

“Our original thesis remains true – we seek founders across sectors, markets, and backgrounds that are typically underfunded,” explained Emmanuel Adegboye, head of Madica. “We believe some of Africa’s best startups can be found in these overlooked ecosystems.”

Madica’s approach extends beyond simply writing checks; the firm actively builds relationships with local ecosystem leaders to identify promising opportunities and conduct due diligence. They also co-invest in most deals, recognizing that $200,000 often isn’t enough on its own to propel a startup through subsequent funding rounds.

The investments reflect Madica’s commitment to identifying untapped potential across the continent, with Adegboye noting they are constantly seeking new markets and sectors to support. He encourages more investors to explore these opportunities, emphasizing that “the best is yet to come from African innovation.”