Madica, a pre-seed investment programme backed by Flourish Ventures, has made its first investments in Algeria and Cameroon as part of five new deals, The Condia reported.
The five new startups
- ChipMango: chip design, which recently raised a $1.9 million seed round to expand across Africa, Europe and the US.
- Talenteo (Algeria): an all-in-one HR management platform for Francophone markets, spun out of a job board.
- Paysika (Cameroon): a neobank offering virtual and physical debit cards to individuals and small businesses in Francophone Africa, planning to expand to Gabon.
- Bekia: a circular economy startup.
- Delta Oil: also in the circular economy space.
The deals bring Madica’s 2026 total to eight investments and its portfolio to 15 companies since it launched in 2022. Earlier this year it backed Kilimo Fresh, Hakimu and Biovana.
How Madica invests
Madica puts up to $200,000 into each startup, which also joins an 18-month programme with coaching and access to a global investor network. After four years, it is focusing more on co-investment, bringing other investors into its founders’ rounds.
“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.”
Emmanuel Adegboye, head of Madica
Why it matters
Pre-seed deals made up just 1.5% of the venture capital raised in Africa in 2025. Madica, led by Emmanuel Adegboye, is one of the few programmes consistently writing first cheques, and was ranked among the most active investors on the continent in the first half of 2026.
Source: The Condia.
