Madica Expands Investment Portfolio with First-Time Backing for Algeria and Cameroon Companies

Flourish Ventures-owned Madica, a structured investment program for pre-seed African startups, has announced a $1 million investment across five new tech ventures. This marks the first time Madica has invested in Algeria and Cameroon, broadening its reach while reinforcing its commitment to pan-African innovation.

The selected companies—Talenteo (Algeria), Paysika (Cameroon), ChipMango (Nigeria), Delta Oil (Egypt), and Bekia (Egypt)—will each receive up to $200,000 in funding, along with access to Madica’s comprehensive 18-month program that includes mentorship, executive coaching, founder immersion trips, and connections to a global investor network.

The New Portfolio Companies:

• Talenteo (Algeria): An all-in-one HR management platform digitizing processes for medium-sized businesses across Francophone Africa.
• Paysika (Cameroon): A digital neobank providing modern payment solutions and financial services to consumers and SMEs in Central Africa.
• ChipMango (Nigeria): Building Africa’s semiconductor ecosystem through chip design, education, and localized Edge AI products.
• Delta Oil (Egypt): Creating infrastructure that transforms used cooking oil into a valuable feedstock for renewable fuels.
• Bekia (Egypt): A digital platform building the collection layer for Egypt’s recycling economy, incentivizing participation from households and businesses.

Expanding Access to Capital:

Madica’s investments in Algeria and Cameroon represent rare institutional entries into markets often overlooked by venture capital. This aligns with Madica’s strategy of backing founders tackling critical challenges across the continent, particularly in underserved regions.

“We’ve always believed exceptional founders can emerge from any corner of Africa,” said Emmanuel Adegboye, Head of Madica. “These investments demonstrate that world-class businesses can indeed come from markets previously considered off-limits by investors.”

According to Paysika co-founder Roger Nengwe, this investment is a crucial catalyst for growth: “We’re building the financial infrastructure that makes banking services more accessible and inclusive across Central Africa. With Madica’s support, we’re well-positioned to scale our impact.”

Madica launched in 2022 with a mission to bridge structural gaps in early-stage funding by providing patient capital alongside company-building expertise. Through its sector-agnostic pre-seed program, Madica aims to empower resilient, globally competitive businesses across Africa.