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    HomeEcosystem NewsVenture Capital & Funding SourcesMorocco ’s $4.1 Billion Mohammed VI Investment Fund Seeks Fund Managers for...

    Morocco ’s $4.1 Billion Mohammed VI Investment Fund Seeks Fund Managers for Debut Startup Funds

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    The Mohammed VI Investment Fund (FM6I) has announced its call for expression of interest to select management companies tasked with establishing and overseeing dedicated funds for startups, known as “Startup Funds,” in accordance with the provisions of Law №76–20 of Morocco establishing the Fund.

    Prepared in collaboration with the Ministry of Digital Transition and Administrative Reform and the Caisse de Dépôt et de Gestion (CDG), this call for expression of interest aims to offer innovative solutions to management companies to accelerate fundraising efforts both nationally and internationally, as stated in a press release by FM6I. The deadline for submission of applications by interested parties in response to the tender document is set for July 1, 2024, at 11:59 PM.

    These collective efforts are geared towards enhancing the availability of financing for startups, with the objective of fostering the growth of a Moroccan ecosystem of startups with international potential.

    The “Startup Funds” are designed to provide tailored financing solutions at various stages of development for Moroccan startups, facilitating the emergence of future Moroccan leaders in innovation and new technologies. This initiative aims to position Morocco as a hub for fostering innovation to benefit the national economy and global outreach.

    These funds will aim to invest, through equity or quasi-equity contributions, in innovative companies with high growth potential (startups), with innovation broadly defined by the nature of technologies developed and/or the chosen business model.

    Furthermore, startups eligible for investment from the “Startup Funds” may be either Moroccan entities or foreign entities demonstrating substantial economic and/or social ties to Morocco. They may operate across diverse sectors (e.g., fintech, edtech, agritech, etc.) and cover one or multiple stages of financing (e.g., Pre-Seed, Seed, Pre-Series A, Series A, etc.).

    The selection of management companies for these funds will be based on criteria including the quality of their teams, the robustness of their performance in managing similar funds, and their ability to attract funds from local or foreign investors. They will also be required to commit to adopting best practices in responsible investment, particularly in terms of environmental, social, and governance (ESG) considerations within invested startups.

    Details regarding the procurement of the tender document governing the selection process for management companies of the “Startup Funds” can be found on the website of the Mohammed VI Investment Fund at “www.fm6i.ma“.

    In 2022, King Mohammed VI of Morocco appointed Mohamed Benchaboun, the ambassador to France and former Minister of Economy and Finance, as the general manager of a newly established mega-sovereign investment fund valued at $4.1 billion. This fund aims to bolster public investments amidst the ongoing crisis faced by the country.

    Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

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