Madica, a pre-seed investment programme for African startups, has made its first investments in Algeria and Cameroon as it expands its bets into markets that have historically attracted limited venture capital.
Backed by specialist fintech investor Flourish Ventures, Madica announced five new investments in ChipMango, Talenteo, Paysika, Bekia, and Delta Oil. The startups span four African countries and sectors ranging from fintech and human resources to the circular economy.
The latest investments bring Madica’s total investments in 2026 to eight and its portfolio to 15 companies since the programme launched in 2022.
Speaking to Condia about the investments in Talenteo, based in Algeria, and Paysika, based in Cameroon, Emmanuel Adegboye, head of Madica, said both companies fit the programme’s focus on backing founders operating in underfunded markets and sectors.
“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,” he said.
But Madica’s investment thesis extends beyond geography. Adegboye said the companies in its portfolio are also building products that address specific needs in the markets where they operate.
Paysika, for instance, is a neobank providing individuals and small and medium-sized businesses in Francophone Africa with virtual and physical debit cards. The Cameroon-based company is already planning an expansion into neighbouring Gabon.
Talenteo, meanwhile, was spun out of an Algerian job-board platform and has evolved into an all-in-one human resources management platform targeting the wider Francophone market.
The investments come as early-stage funding remains difficult to secure for African startups. Pre-seed deals accounted for just 1.5% of total venture capital raised on the continent in 2025, with the funding environment showing little significant improvement in 2026.
For Madica, the scarcity of early-stage capital reinforces rather than weakens the case for investing at the pre-seed stage. Adegboye said the limited venture infrastructure in some African markets means startups may need to demonstrate greater maturity before they can attract institutional capital.
Madica has continued to deploy capital despite those challenges. In April, the programme announced investments in Kilimo Fresh, Hakimu, and Biovana, taking its 2026 investment tally to eight.
Madica invests up to $200,000 in each portfolio company. Selected startups also join an 18-month programme that provides coaching and access to a global network of investors.
After four years of investing, the programme is also placing greater emphasis on co-investment. Adegboye said Madica wants to help founders secure more capital by bringing additional investors into their rounds, rather than relying on a single investor to fund their growth.
