Madica deploys $1 million across five African startups, making debut investments in Algeria and Cameroon

Pre-seed investor Madica has deployed $1 million across five African startups, including Nigeria's ChipMango, making its first investments in Algeria and Cameroon and opening two largely underserved VC markets on the continent. Madica investor Emmanuel Adegboye has separately noted that $200,000 is insufficient for early-stage African startups to achieve meaningful traction, framing the current funding quantum as a structural mismatch with founders' actual capital needs. The fund's Algeria and Cameroon bets reportedly favour repeat founders as a contrarian pre-seed strategy.