Madica has invested $200,000 each in five African startups as it expands its support for founders in markets that have received less venture capital. The latest investments include its first bets in Algeria and Cameroon, bringing its portfolio to 18 companies across 10 African markets since the programme launched in 2022.
The Africa-focused pre-seed investment programme is also giving each startup access to an 18-month support programme. This includes mentorship, executive coaching, funded immersion trips and access to Madica’s investor network. The additional support is designed to help founders build stronger businesses beyond the initial funding.
The five investments bring Madica’s total capital deployed in 2026 to $1.6 million, following three investments announced in April. The programme focuses on startups outside Africa’s larger funding markets of Nigeria, Kenya, South Africa and Egypt.
“Our original thesis, which still holds, is that we would back founders across sectors, markets, and founder profiles that are typically underfunded on the continent,” said Emmanuel Adegboye, head of Madica.
Five Startups Addressing Different Market Needs
Talenteo, based in Algeria and co-founded by Louai Djaffer, provides HR software for medium-sized and mid-market companies across Francophone Africa. Its platform uses artificial intelligence to streamline and automate HR and payroll processes. The company’s modular approach is aimed at reducing daily administrative work while helping businesses manage their people more effectively. The investment also marks Madica’s entry into Algeria.
Paysika, co-founded by Roger Nengwe and Stezen Bisselou in Cameroon, operates as a digital neobank serving consumers and small businesses in Central Africa. It provides virtual and physical debit cards to individuals and small and medium-sized businesses in Francophone Africa. The company is already preparing to expand into neighbouring Gabon, while the investment marks Madica’s first deal in Cameroon.
ChipMango, founded by Ola Fadiran and Jovan Andjelich in Nigeria, works in chip design, engineering training and edge artificial intelligence products. The company aims to widen access to microchip design and STEM learning while building a connected talent ecosystem that links technical education with practical industry applications. Madica’s investment follows ChipMango’s $1.9 million seed round led by Atlantica Ventures earlier in September.
Building Opportunities Beyond Africa’s Major Funding Markets
Delta Oil, co-founded by Serag Moussa in Egypt, connects used cooking oil collectors with international buyers of renewable fuel feedstock. Founded in Cairo in 2018, the clean and Agri-Tech startup operates across more than five cities and hundreds of villages. It collects used cooking oil from households and businesses, helping create a supply of affordable feedstock for biodiesel while providing a safer way for households to dispose of waste oil.
Bekia, founded by Alaa Afifi in Egypt, pays households and businesses for recyclable waste and supplies the materials to industrial buyers. The company has developed a digital platform connecting individuals, businesses and recyclers. Its model turns recyclable waste into an economic resource while supporting a more circular approach to waste management.
Madica accepts direct applications and gives them consideration even when it has no previous presence in a market or relationship with the founder. Its team also builds relationships with local ecosystem leaders who help identify founders and support due diligence.
Adegboye said Madica has increasingly co-invested in deals because $200,000 alone can be difficult for startups to sustain between funding rounds.
“There are a lot of opportunities in untapped markets and untapped sectors on the continent,” he said. “My experience is that the opportunities exist, and I would love for more investors to pay attention to them.”
