BMCE Capital Investments Launch New Venture Capital for Moroccan Startups
The new venture capital is set to focus on assisting innovative solutions in the early stages so as to support the majority of the Moroccan startups that are still in the pre-seed phase.
On Tuesday, BMCE Capital Investment, a part of the BMCE Capital Group, announced the launch of its first venture capital, which is dedicated to financing Moroccan startups.
The new $4.5 million (MAD 50 million) fund marks BMCE Capital Group’s plan of supporting seed phase Moroccan startups.
Over the coming months, the fund will help to raise money from key players in the economy and renowned Moroccan investors to meet the targeted capital.
Apart from BMCE venture capital securing funds required for the local startup ecosystem, it is also expected to connect its startup portfolio to a large network of global and Moroccan investors.
Morocco’s Capital Market Authorities, on July 29, approved the creation of the new fund that will be financed partially by BMCE Group.
The venture pleasure in the Damane Capital Risk guarantee that is granted by the National Company for Guarantee and Business Financing (SNGFE).
Morocco’s startup ecosystem is slowly coming out as a leading regional hub. Thanks to a few Moroccan startups expansion like Chari in Francophone Africa.
Youths in Morocco are embracing the entrepreneurial spirit. This acceptance with the launch of nationwide incubator programs has helped in the expansion of the scope of the local startup ecosystem with Fintech companies that dominate the Moroccan and African scene.
The urgent need to address pressing issues like the repercussions of climate change and failing public services further led to increasing innovation in the education, agriculture and health sectors to improve living conditions.
Global accelerators like Plug and Play have come into the Moroccan market in support of the developing startup ecosystem. Local financial institutions have also realised the necessity to support research, entrepreneurship and innovation to advance local economies and tackle unemployment issues.
Morocco offers “affordable and stable” conditions for startups and entrepreneurs, particularly in the e-commerce and fintech sectors. Morocco currently hosts the sixth greatest startup ecosystem in Africa and the second in North Africa