Madica backs five African startups with $200k, including Algeria and Cameroon

Madica, an Africa-focused pre-seed investment programme backed by Flourish Ventures, has put $200,000 into each of five new startups across Algeria, Cameroon, Nigeria and Egypt, marking its first bets in Algeria and Cameroon. Each company joins an 18‑month programme that includes mentorship, executive coaching, funded immersion trips and access to Madica’s investor network. The startups are Talenteo (Algeria), which sells HR software to medium‑sized firms across Francophone Africa; Paysika (Cameroon), a digital neobank issuing virtual and physical cards to consumers and small businesses in Central Africa; ChipMango (Nigeria), co‑founded by Ola Fadiran and Jovan Andjelich, which designs chips, runs engineering training and builds edge‑AI products; Delta Oil (Egypt), connecting used cooking oil collectors to international buyers of renewable fuel feedstock; and Bekia (Egypt), which pays households and businesses for recyclable waste and supplies industrial buyers. The five deals raise Madica’s total deployed this year to $1.6 million after three investments in April and bring its portfolio to 18 companies across 10 markets since launching in 2022. Madica’s thesis is to back founders in markets outside the big four (Nigeria, Kenya, South Africa, Egypt) that are usually overlooked, on the belief that some of Africa’s best startups emerge there. Emmanuel Adegboye, head of Madica, said $200,000 rarely carries a startup alone through the widening gap between funding rounds, so the firm now co‑invests in most deals. Founders can apply directly; the team also spends time in new markets to build relationships with ecosystem leaders who help with deal flow and due diligence. ChipMango’s $200,000 was announced earlier as part of a $1.9 million seed round led by Atlantica Ventures in early September. For Nigerian founders, the deal shows that pre‑seed capital and hands‑on support are available from a pan‑African fund willing to look beyond the usual hubs, and it signals growing investor interest in overlooked African sectors.

SOURCE: https://techcabal.com/2026/09/15/madica-five-startups/