EmergingTech Ventures, a Moroccan venture capital firm, is raising $60 million for its second fund, “Emtech II,” to invest in early-stage startups in Morocco and other emerging markets in Africa. The International Finance Corporation (IFC) plans to contribute $4 million to the fund, which has a target first close of $40 million.

The fund, managed by EmergingTech Ventures SA (formerly Seaf Morocco Capital Partners), will focus on technology startups in sectors such as DeepTech, HealthTech, Fintech, EdTech, Agritech, and cybersecurity. It plans to invest in around 20 companies, primarily in pre-Series A and Series A rounds.

This new fund follows the successful transformation of Seaf Morocco Capital Partners into EmergingTech Ventures in 2022, after the management team, led by Meriem Zaïri, Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui, acquired the company’s entire share capital. This shift emphasized the firm’s commitment to fostering technological innovation and supporting local entrepreneurs.

The IFC’s investment underscores the growing interest in the North African venture capital ecosystem and the potential of local fund managers like EmergingTech Ventures to drive innovation and economic growth.

“Developing local fund managers, backed by institutional capital, capable of supporting pre-Series A and Series A activities, will be crucial to deepening the venture capital ecosystem in the region and boosting funding for growing startups,” the IFC stated.

With this new fund, EmergingTech Ventures aims to continue its mission of stimulating technological innovation and supporting the growth of startups in Morocco and beyond. It is well-positioned to make a significant impact on the region’s economic transformation by fostering the development of a thriving startup ecosystem.