Madica Expands to Algeria and Cameroon, Adds Five Startups to Portfolio
- Madica announced five new investments in Algeria and Cameroon, expanding its portfolio to 18 companies across 10 African markets.
- Talenteo, an HR and payroll platform for Francophone Africa, received funding from Madica.
- Paysika, a Cameroon-based neobank, was co-founded by Roger Nengwe and Stezen Bisselou and has previously raised $348,000.
While Madica's expansion into Algeria and Cameroon is a positive step towards supporting underrepresented founders, the overall decline in African startup funding raises concerns about the sustainability of such investments. The reliance on foreign capital and the shift towards debt financing suggest a need for more robust local funding mechanisms to support emerging entrepreneurs.
