Madica Invests $1M in Five African Startups Across Markets

Madica, an Africa-focused pre-seed investment programme, has invested $200,000 in five new African startups, including its inaugural investments in Algeria and Cameroon. Each startup will participate in an 18-month programme that includes mentorship, executive coaching, funded immersion trips, and access to Madica’s investor network.

This investment increases Madica's portfolio to 18 companies across 10 markets since its launch in 2022, bringing its total investments for the year to $1.6 million after three investments in April. Madica aims to identify and support startups outside the major markets of Nigeria, Kenya, South Africa, and Egypt, believing that some of Africa's best startups are located in overlooked regions.

The startups receiving funding include Talenteo (Algeria), Paysika (Cameroon), ChipMango (Nigeria), Delta Oil (Egypt), and Bekia (Egypt), each focusing on various sectors such as HR software, digital banking, and recycling.