Madica Makes Fresh Investments in Nigeria’s ChipMango, Four Others

By Adedapo Adesanya

Madica, a structured investment programme for pre-seed African startups, has announced five new investments, including Nigerian semiconductor startup ChipMango, as it expands its portfolio into Algeria and Cameroon for the first time.

The latest investments cover four African markets and sectors including human resources technology, financial services, semiconductors and the circular economy.

The startups are Talenteo in Algeria, Paysika in Cameroon, ChipMango in Nigeria, as well as Delta Oil and Bekia in Egypt.

Each company will receive up to $200,000 in funding and join Madica’s 18-month investment programme, which provides patient capital, mentorship, executive coaching, fully funded founder immersion trips and access to a global investor network.

ChipMango, co-founded by Mr Ola Fadiran and Mr Jovan Andjelich, is developing Africa’s semiconductor ecosystem through chip design services, engineering education and localised Edge AI products.

In Cameroon, Paysika, co-founded by Mr Roger Nengwe and Mr Stezen Bisselou, operates a digital neobank offering virtual and physical payment cards to consumers and small and medium-sized businesses across Central Africa.

“We’re building the financial infrastructure allowing banking services that are more accessible, practical and inclusive for consumers and businesses across Central Africa,” Mr Nengwe, Co-Founder and chief executive of Paysika, said.

He added that Madica’s support would position the company to accelerate its growth and expand its impact across the region.

Talenteo, founded by Mr Louai Djaffer, is an all-in-one human resources management platform helping medium-sized businesses across Francophone Africa digitise and streamline their HR operations.

Delta Oil, founded by Mr Serag Moussa in Egypt, is developing infrastructure to connect fragmented used cooking oil collection networks with international buyers, while Bekia, founded by Mr Alaa Afifi, is building a digital platform for collecting recyclable waste from households and businesses and supplying it to industrial buyers.

According to Madica, its investments in Algeria and Cameroon represent its first institutional investments in the two markets, where venture capital remains relatively scarce.

Mr Emmanuel Adegboye, Head of Madica, said the new investments were part of the programme’s strategy to broaden access to early-stage capital beyond Africa’s established startup ecosystems.

“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,” he said.

Madica was launched in 2022 to address structural gaps in Africa’s early-stage funding market by supporting founders in underserved markets across the continent.

The programme, which is affiliated with early-stage fintech investor Flourish Ventures, said it remains focused on identifying investment opportunities across Africa and supporting founders building businesses with the potential to scale globally.