Madica Makes First Algeria and Cameroon Pre-Seed Bets

In Short

• Madica has made its first investments in Algeria and Cameroon.
• The pre-seed programme announced five new startup bets across four African countries.
• Madica writes cheques of up to $200,000 and offers an 18-month support programme.

What Happened

Madica has expanded its pre-seed investing into Algeria and Cameroon, with five new investments aimed at markets that have attracted limited venture capital.

The new bets are ChipMango, Talenteo, PaySika, Bekia, and Delta Oil. The startups span sectors including fintech, human resources, and the circular economy, which is a model that reduces waste by reusing and recycling materials.

Madica is backed by Flourish Ventures. Emmanuel Adegboye, head of Madica, said the Algeria-based Talenteo and the Cameroon-based Paysika fit the programme’s focus on founders in underfunded markets and sectors.

Paysika is described as a neobank, which is a digital-first bank that mainly operates through an app. It provides individuals and small and medium-sized businesses in Francophone Africa with virtual and physical debit cards, and it plans to expand into Gabon.

Talenteo was spun out of an Algerian job-board business and has evolved into an all-in-one HR management platform. That means it bundles tools for tasks like employee records and HR workflows in one system.

Madica says these deals bring its 2026 investment count to eight, and its total portfolio to 15 companies since launching in 2022.

Why It Matters

Early-stage funding in Africa remains tight. Madica pointed to data showing pre-seed deals made up only 1.5% of total venture capital raised in Africa in 2025, with limited improvement so far in 2026.

For founders in smaller or overlooked ecosystems, that gap can delay growth. Without enough pre-seed capital and local venture networks, startups often need to look “more mature” before they can raise from larger institutional investors.

Madica’s model combines capital with structured support. Beyond investing up to $200,000 per company, it runs an 18-month programme with coaching and access to a global investor network. Adegboye also said Madica is putting more emphasis on co-investment, which means bringing other investors into rounds so founders can raise more than one funder could provide alone.