Pre-seed investment programme Madica adds five startups to portfolio

Madica, a structured investment programme for pre-seed African startups, has announced five new investments, expanding its portfolio into Algeria and Cameroon for the first time, while strengthening its presence across Africa.

Launched in 2022, Madica is an Africa-focused pre-seed investment programme empowering underrepresented and underfunded mission-driven founders on the continent. The sector-agnostic platform, affiliated with Flourish Ventures, aims to empower entrepreneurs by providing funding and democratizing access to world-class company-building support.

Madica had previously backed 13 startups, most recently backing three ventures in April, and it has now taken the total to 18 with five new investments. These include its first moves in Algeria, backing all-in-one HR management platform Talenteo, and Cameroon, where it has invested in digital neobank Paysika.

The other three new portfolio companies are Nigeria’s ChipMango, which is building Africa’s semiconductor ecosystem through chip design services, engineering education, and localised Edge AI products; Egypt’s Delta Oil, which is building infrastructure that connects fragmented used cooking oil (UCO) collection networks with international buyers; and Egypt’s Bekia, a digital platform building the collection layer for Egypt’s recycling economy.

Each of the portfolio companies will receive up to US$200,000 in funding and join Madica’s 18-month investment programme, which combines patient capital with hands-on mentorship, executive coaching, fully funded founder immersion trips, and access to Madica’s global investor network.

The new investments reflect Madica’s pan-African investment strategy, backing founders tackling some of Africa’s most pressing challenges and expanding access to venture capital beyond the continent’s established startup ecosystems. In Algeria and Cameroon, where institutional venture capital remains scarce, Madica’s first investments mark a rare institutional entry into two markets that investors have largely overlooked.

“At Madica, we’ve always believed that exceptional founders can be found in every corner of Africa, yet access to early-stage capital remains heavily concentrated in a handful of ecosystems. By making our first investments in Algeria and Cameroon, we’re continuing to prove that world-class businesses can emerge from markets that have historically been overlooked by venture capital. We’re excited to partner with these founders as they build category-defining companies capable of creating lasting impact across Africa and beyond,” said Emmanuel Adegboye, head of Madica.

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