Madica invests $200,000 in five African startups, enters Algeria and Cameroon
Madica has invested $200,000 each in five new African startups, including its first bets in Algeria and Cameroon, bringing this year's total to $1.6 million.
Madica, a pre-seed investment program focused on Africa, has allocated $200,000 each to five new startups, including its first investments in Algeria and Cameroon. These markets are typically not prominent in African funding announcements. The program also offers mentorship, executive coaching, funded immersion trips, and access to Madica's extensive investor network to each company.
This brings Madica's total portfolio to 18 companies across 10 markets since its inception in 2022, with $1.6 million deployed this year following three investments in April. The investments align with Madica's strategy of identifying startups outside the major markets (Nigeria, Kenya, South Africa, and Egypt) and investing in potential African success stories from overlooked markets.
Emmanuel Adegboye, Madica's head, emphasized that their original thesis still stands, and they continue to back underfunded founders across various sectors, markets, and profiles. The five new investments span Algeria, Cameroon, Nigeria, and Egypt.
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