Moroccan Startups Set to Gain Access to $37 Million in Funding
In a significant move to bolster the entrepreneurial landscape in Morocco, startups will soon have access to a substantial pool of capital amounting to $37 million. This funding initiative, known as the Startup Catalytic Fund, was launched by the Ministry of Digital Transition and Administration and is being managed by Tamwilcom. The fund became officially active following the publication of Decree No. 2.26.576, which allows for the investment of MAD 347 million (approximately $37 million) over the next three years into venture capital funds that are specifically targeting digital startups.
The Startup Catalytic Fund has formed strategic partnerships with prominent financial entities, such as the Mohammed VI Investment Fund and CDG, alongside the selection of nine management companies that have been shortlisted to oversee the allocation of these funds. The expectation is that the selected funds will mobilize nearly MAD 2.5 billion (around $268 million) to support Moroccan startups. The initiative is designed not only to stimulate immediate investment but also to act as a catalyst for attracting further private capital, thereby strengthening the venture capital ecosystem in Morocco in the long run.
As reported by disruptafrica.com.
