Madica, an early-stage African investment platform, has backed five startups in Algeria, Cameroon, Egypt and Nigeria, with each company receiving up to $200K in funding.
The startups operate across fintech, human resources, semiconductors and the circular economy. They include Algeria’s Talenteo, an HR management platform for mid-sized businesses in Francophone Africa; Cameroon’s Paysika, a digital bank offering payment services and local and international cards; and Nigeria’s ChipMango, which develops semiconductor design, engineering education and embedded AI solutions.
Egyptian startups Delta Oil and Bekia complete the cohort. Delta Oil is developing infrastructure to connect used cooking oil suppliers with global buyers for renewable fuel production. Bekia rewards individuals and businesses for handing in recyclable waste and connects it with industrial buyers.
Madica’s 18-month program provides flexible funding, practical guidance, leadership training, access to global investors and international learning trips, according to the announcement.
The platform launched in 2022 with backing from global fintech investor Flourish Ventures. Madica said its investments in Algeria and Cameroon reflect the potential of founders in markets that have historically received less investor attention.
Source: Jawlah
