Madica backs Algeria's Talenteo in $200,000 pre-seed, its first bet in the market
What's the deal? MadicaDealroom has a profile for this one. Try Dealroom →, an Africa-focused pre-seed programme, has invested $200,000 each in five African startups, including Algeria's TalenteoDealroom has a profile for this one. Try Dealroom →, an HR software firm serving mid-market companies across Francophone Africa. The deals mark Madica's first bets in Algeria and Cameroon, two markets that rarely feature in the continent's funding announcements.
The other four: PaysikaDealroom has a profile for this one. Try Dealroom →, a Cameroonian neobank issuing cards to consumers and small businesses; ChipMangoDealroom has a profile for this one. Try Dealroom →, a Nigerian chip designer building edge AI products; and two Egyptian recyclers, Delta OilDealroom has a profile for this one. Try Dealroom →, which links used cooking oil collectors to renewable fuel buyers, and BekiaDealroom has a profile for this one. Try Dealroom →, which pays households for recyclable waste.
By the numbers: The five deals take Madica's portfolio to 18 companies across 10 markets since 2022 and bring its 2026 total to $1.6 million after three April investments. Each company also joins an 18-month programme offering mentorship, executive coaching, funded immersion trips, and investor-network access.
What's the endgame? Madica's thesis is to fund founders outside Africa's big four markets — Nigeria, Kenya, South Africa, and Egypt. "Our original thesis, which still holds, is that we would back founders across sectors, markets, and founder profiles that are typically underfunded on the continent," said Emmanuel Adegboye, head of Madica, which is backed by Flourish VenturesDealroom has a profile for this one. Try Dealroom →, an $850 million early-stage venture firm.
Why now? Startups can apply directly, and Adegboye said those applications get equal attention even in markets where Madica has no prior work or referral. Talenteo came via someone in the Algerian ecosystem who knew the team. "Algeria is not necessarily an exception," he said. "It is an offshoot of the work we have been doing building relationships in those markets."
Worth noting: Madica now co-invests in most deals, having learnt that $200,000 alone rarely carries a startup across the widening gap between rounds. Its ChipMango cheque was part of a $1.9 million seed round led by Atlantica VenturesDealroom has a profile for this one. Try Dealroom → in early September.
The signal: At $200,000, these are small cheques — the round sits in the lower reaches of the funding spectrum. But Madica is betting that overlooked markets hold opportunities larger investors miss. "The opportunities exist," Adegboye said, "and I would love for more investors to pay attention to them."
Image credit: Generated with Gemini
