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    HomeEcosystem NewsOver 30 Foreign VCs Want to Run Morocco’s $150M Startup Fund

    Over 30 Foreign VCs Want to Run Morocco’s $150M Startup Fund

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     The Mohammed VI Investment Fund (FM6I) has received an overwhelming response to its call for expressions of interest to manage Morocco’s newly launched $150 million startup fund. Of the 47 applications received, 12 were from local applicants and 33 were from international fund managers, including venture capital firms, highlighting the growing global interest in the burgeoning tech scene.

    The initiative, launched in April 2024 in partnership with the Ministry of Digital Transition and Administrative Reform and the Caisse de Dépôt et de Gestion (CDG), aims to provide much-needed funding for Moroccan startups at various stages of development.

    The diverse range of proposals covers a wide array of sectors including fintech, agritech, edtech, healthtech, and climatetech, indicating the breadth and depth of innovation within the Moroccan startup ecosystem.

    “The significant number of international applications confirms the potential of the venture capital industry in Morocco and the attractiveness of the country as a platform for fostering innovation,” said FM6I in a statement.

    This move is part of a broader strategy to position Morocco as a leading tech hub in Africa. The selected management companies will oversee investments through equity or quasi-equity contributions in high-growth potential startups. These startups can be either Moroccan entities or foreign entities with significant economic or social ties to Morocco, operating across various sectors and funding stages.

    Criteria for selecting management companies for the $150 million fund include the quality of their teams, their performance in managing similar funds, and their ability to attract local or foreign investments. They must also commit to responsible investment practices, particularly regarding environmental, social, and governance (ESG) considerations within invested startups.

    The “Startup Funds” initiative is structured to provide financing solutions tailored to various stages of development for Moroccan startups. This framework aims to facilitate the emergence of future leaders in innovation and technology within Morocco, thereby positioning the country as a hub for innovation that benefits the national economy and enhances its international standing. The FM6I is expected to announce the selected management companies in the coming months.

    The Mohammed VI Investment Fund, valued at $4.1 billion, was established to bolster public investments in Morocco. In 2022, King Mohammed VI appointed Mohamed Benchaboun, former Minister of Economy and Finance, as its general manager. This fund is part of Morocco’s broader efforts to address economic challenges and foster innovation.

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