Madica backs Cameroon's Paysika in $200K pre-seed as it enters new African markets
What's the deal? PaysikaDealroom has a profile for this one. Try Dealroom →, a Cameroon-based neobank, has raised $200,000 in a pre-seed round led by African investment programme MadicaDealroom has a profile for this one. Try Dealroom →, with participation from fintech investor Flourish VenturesDealroom has a profile for this one. Try Dealroom →. The deal is part of five new investments Madica announced across four African countries, marking its first bets in Algeria and Cameroon.
What does Paysika do? It provides individuals and small and medium-sized businesses in Francophone Africa with virtual and physical debit cards. The company is already planning an expansion into neighbouring Gabon.
The other bets: Madica also backed ChipMangoDealroom has a profile for this one. Try Dealroom →, TalenteoDealroom has a profile for this one. Try Dealroom →, Bekia, and Delta OilDealroom has a profile for this one. Try Dealroom →, spanning fintech, human resources, and the circular economy. Talenteo, based in Algeria, is an all-in-one HR management platform spun out of a local job board.
By the numbers: Madica invests up to $200,000 per company. Paysika's round sits in the 21st percentile by amount — a small cheque even by pre-seed standards, reflecting the early stage of the markets Madica targets.
Why now? Early-stage funding remains hard to secure for African startups. Pre-seed deals made up just 1.5% of total venture capital raised on the continent in 2025, with little improvement in 2026.
What's the endgame? Madica wants to prove that strong businesses can come from markets long overlooked by venture capital. "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," said Emmanuel Adegboye, head of Madica.
Selected startups also join an 18-month programme offering coaching and access to a global investor network. After four years, Madica is now emphasising co-investment, aiming to bring more backers into founders' rounds rather than relying on a single investor.
The bigger picture: The five deals bring Madica's 2026 tally to eight and its portfolio to 15 companies since it launched in 2022. In April, it backed Kilimo FreshDealroom has a profile for this one. Try Dealroom →, HakimuDealroom has a profile for this one. Try Dealroom →, and BiovanaDealroom has a profile for this one. Try Dealroom →.
The signal: For Madica, the scarcity of early-stage capital strengthens rather than weakens the case for pre-seed investing. Adegboye said limited venture infrastructure means African startups often need to show greater maturity before institutional money arrives — leaving a gap the programme is trying to fill.
Read more: thecondia.com
Image credit: Generated with Gemini
