Madica added five startups across four African markets to its investment portfolio including Egyptian startups Delta Oil and Bekia. This comes as the pre seed program increases its backing for founders in underserved markets.

Each of the five startups will receive up to USD 200 thousand across sectors including financial services, HR technology, semiconductors, and the circular economy.

Why You Should Care

Early stage venture capital in Africa remains concentrated in a limited number of established startup ecosystems. Madica’s latest investments extend funding and structured company building support to startups operating across a wider range of markets and sectors.

For founders, the investment comes with more than capital. Each company will enter Madica’s 18 month program, which combines funding with mentorship, executive coaching, fully funded founder immersion trips, and access to a global investor network.

The latest cohort also reflects the range of businesses being built across the continent, from financial infrastructure and HR technology to semiconductor development and recycling.

The Details

Madica launched in 2022 with a mandate to address gaps in Africa’s early stage funding market. It is a structured investment program for pre-seed companies in Africa. The sector agnostic program is affiliated with Flourish Ventures and combines pre seed capital with company building support.Moreover, the five startups will each receive up to USD 200 thousand from Madica.

Egypt’s Delta Oil, co founded by Serag Moussa, is developing infrastructure that links fragmented used cooking oil collection networks with international buyers. The company aims to turn used cooking oil into a feedstock for renewable fuels.

Bekia, founded by Alaa Afifi, is also based in Egypt. Its digital platform connects households and businesses collecting recyclable waste with industrial buyers, while paying suppliers for the materials they collect.

In Algeria, Talenteo, co founded by Louai Djaffer, is building an HR management platform for medium sized and mid market businesses across Francophone Africa.

“Too often, founders in markets like ours have to work twice as hard to access the capital and networks needed to grow. Madica looked beyond our geography and backed our ambition. Their support gives us the confidence, connections and expertise to accelerate our growth and deliver modern HR technology to businesses across Francophone Africa,”

Louai Djaffer, Co-founder and CEO of Talenteo

Cameroon based Paysika, co founded by Roger Nengwe and Stezen Bisselou, operates a digital neobank offering virtual and physical payment cards to consumers and SMEs across Central Africa. The platform is designed to facilitate international transactions and broaden access to financial services.

“We’re building the financial infrastructure allowing banking services that are more accessible, practical and inclusive for consumers and businesses across Central Africa. With Madica’s support, we’re well-positioned to accelerate our growth and scale our impact across the region,”

Roger Nengwe, Co-Founder and CEO of Paysika

Nigeria’s ChipMango, co-founded by Ola Fadiran and Jovan Andjelich, is focused on Africa’s semiconductor ecosystem. Its activities include chip design services, engineering education, and localized Edge AI products.

The five startups will also receive support through Madica’s 18 month investment program. The program is designed to give founders access to mentorship, executive coaching, founder immersion opportunities, and Madica’s network of investors.

The Ripple

The investments mark Madica’s first entries into Algeria and Cameroon, adding two markets to a strategy focused on backing founders beyond Africa’s established venture ecosystems.

The latest investments therefore span four markets and several sectors, while extending Madica’s stated focus on founders who have historically had more limited access to institutional venture capital.

What to Watch

The next stage will be how the five startups use the new capital and Madica’s company building support as they develop their businesses and expand across their respective markets.

Madica has also indicated that it will continue looking for investment opportunities across Africa. Its current eligibility criteria require startups to have an MVP with some paying customers, full time founders, little or no institutional funding, and an African headquarters.

For the startups in this latest cohort, the 18 month program provides a defined period to build alongside the capital, mentorship, and investor access that come with the investment.