Madica, an Africa-focused pre-seed investment programme, has invested $200,000 each in five new African startups, including its first bets in Algeria and Cameroon, two markets that rarely appear in the continent’s funding announcements.
Each company also joins an 18-month programme that adds mentorship, executive coaching, funded immersion trips, and access to Madica’s investor network, the firm said.
The five deals take Madica’s portfolio to 18 companies across 10 markets since it launched in 2022 and bring its total deployed this year to $1.6 million after three investments in April. The new investments reflect Madica’s thesis directly, which is to find startups outside the big four markets (Nigeria, Kenya, South Africa and Egypt) and invest in them on the belief that some of Africa’s best startups can be found in overlooked markets.
“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 Ventures, an $850 miliion global early-stage venture firm.
Originally published by TechCabal.