Startups created by Moroccans living abroad can now rely on the “Maroc numeric fund II” for their financing needs.
This is an old injustice that has just been repaired. Until now, startups founded by Moroccans living abroad have been excluded from the umbrella of the “Morocco Digital Fund II” (MNF II). Aware of the important contribution of the Moroccan diaspora in the growth of the startup ecosystem in Morocco, MNF II has revised its copy by announcing the extension of its investment strategy to include startups founded outside Morocco by Moroccans living abroad.
In addition to investing in Moroccan startups based in Morocco, this extension of MNF II’s investment strategy, approved by the Fund’s governance bodies, will allow it to invest in those headquartered abroad.
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Eligibility criteria for startups
However, in order to benefit from MNF’s support, potential beneficiaries must comply with certain formalities. Indeed, the targeted startups must have at least one founder of Moroccan nationality among their key men, and a subsidiary in Morocco creating value according to criteria in line with the development strategy of the invested company, said the organization that invests in startups with high potential (with a minority but significant participation of the capital in a first round of financing).
The institution, which includes among its shareholders Tamwilcom, Attijariwafa Bank, Chaabi Capital Investment, BMCE Bank of Africa and MITC, and the management company of Technoparks, can complete its investment by a contribution in the current account of partners or convertible bonds. It should be remembered that the fund only invests in companies that have (or intend to have) the status of S.A. where it actively participates in the social organs of the company. Investments can be made in two phases: seed and venture capital.
MNF II has made six investments to date in startups operating
For the first phase, the institutional fund dedicated to financing technology startups with high growth potential invests in startups that already have a product ready for commercialization, and have had market validation through initial sales. Ideally, the startup should have previously received funding from other programs or business angels, to ensure the promoters’ management capacity during the launch phases of their projects.
The investment ticket for this phase is between 1 and 4 MDH. As for venture capital, the limited company under Moroccan law, whose head office is at Technopark Casablanca, invests in innovative startups that are less than five years old, have shown significant growth in sales, and need a financial contribution to finance their growth in Morocco and internationally.
The investment ticket for this phase is between 4 and 10 MDH. Created in 2018, as part of the Innov invest program launched by Tamwilcom (ex-Caisse Centrale de Garantie), MNF II has made six investments to date in startups operating, among others, in Fintech, EdTech, LegalTech, and AI. It succeeds the MNF fund, launched in 2010, which reached the end of its investment period in 2016 and had made a total of 17 investments in Moroccan technology startups in various fields. “Maroc Numeric Fund II” aims to continue this strategy and invest in more innovative startups with international reach.
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First published in LES ECO.ma, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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