Africa-focused pre-seed investment programme Madica has invested $200,000 each in five startups, including its first investments in Algeria and Cameroon.
The selected companies are Talenteo in Algeria, Paysika in Cameroon, ChipMango in Nigeria, and Delta Oil and Bekia in Egypt. Each will join Madica’s 18-month programme, which includes mentorship, executive coaching, funded immersion trips and access to the programme’s investor network.
Five companies across four countries
Talenteo, co-founded by Louai Djaffer, provides human-resources software to medium-sized and mid-market businesses across Francophone Africa.
Paysika was co-founded by Roger Nengwe and Stezen Bisselou. The company operates as a digital neobank, issuing virtual and physical cards to consumers and small businesses in Central Africa.
ChipMango, co-founded by Ola Fadiran and Jovan Andjelich, designs chips, provides engineering training and develops edge artificial-intelligence products.
Delta Oil, co-founded by Serag Moussa, links collectors of used cooking oil with international buyers seeking renewable-fuel feedstock. Bekia, founded by Alaa Afifi, pays households and businesses for recyclable waste and supplies industrial buyers.
Focus on overlooked markets
Madica is backed by Flourish Ventures and says its investment approach is designed to support founders, sectors and markets that are typically underfunded across Africa.
“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,” Emmanuel Adegboye said.
Adegboye said Madica finds opportunities through direct applications, relationships with ecosystem leaders and referrals from other funds. Talenteo came through a contact in Algeria’s startup ecosystem who knew the team well.
“We were set up to invest as a pan-African fund, and we are constantly looking for opportunities across the continent,” Adegboye said in comments from Dakar, Senegal.
Madica said the five deals bring its portfolio to 18 companies across 10 markets since the programme launched in 2022. Its total deployed this year has reached $1.6 million following three investments in April.
The programme now co-invests in most deals. Adegboye said the $200,000 Madica provides on its own rarely carries an African startup from one funding round to the next.
Madica has also said it expects to announce a first investment in Senegal or another new market in the future. Adegboye said there are significant opportunities in untapped African markets and sectors and called for more investors to examine them.
No Comment! Be the first one.