The Moroccan investment fund Al Mada is launching the largest venture capital fund with African capital, dedicated to innovation, with a size of 1.1 billion dirhams.
100 million euros, or 1.1 billion dirhams, will be dedicated by Al Mada to innovation. Indeed, the Moroccan investment fund has announced the creation of a venture capital fund, “Evergreen”, with the aim of supporting the growth of startups in Morocco and, more generally, in Africa. Starting from the observation that the financing of African startups has grown exponentially over the past five years, AL Mada explains that “this financing represents less than 1% of global investments in venture capital”.
Thus, the investment fund believes that the launch of the pan-African “evergreen” fund will contribute to the development of emerging and promising start-ups on the continent, specializing in technologies and innovations in sectors of the future, in particular financial services, health , logistics, education and renewable energies, among others.
In detail, the fund aims to take minority stakes in innovative and fast-growing startups that have reached a certain maturity, in order to support them in their development. “Evergreen” will therefore “help startups grow and express their full potential by providing those who are selected, in addition to the capital provided, with high value-added support,” explains Al Mada.
This will involve facilitating access to relevant networks, through the organization of strategic partnerships, while working closely with entrepreneurs to seize growth opportunities on the continent.
In its official communication, Al Mada also states that this new fund will be open to leading Moroccan institutional investors. As part of the establishment of the “evergreen” venture capital fund, Al Mada will bring its investment experience, as a century-old pan-African reference player, to young innovative entrepreneurs who are building the Africa of tomorrow.
“These start-ups will thus be able to rely on its solid expertise and that of its teams specializing in Venture capital”, we say to the investment fund. Remember that Al Mada has a presence in 27 countries and holds stakes in companies operating in various sectors at the heart of the African economy: financial services, building materials, telecommunications, mining, energy, tourism, real estate, retail and distribution.
Sanae Raqui / ECO Inspirations
Source: LesEco.ma of 03/04/2022
