After its venture capital branch Al Mada Innovation, the investment firm managed by the Moroccan royal family has formed Evergreen, “the largest venture capital fund with African funding”.
With a goal size of 1.1 billion dirhams, or $100 million, this vehicle aspires to finance high-potential startups specialized in technology and innovations in sectors like as financial services, health, logistics, education and even renewable energies. It will mobilize money mostly from Moroccan institutions.
“Al Mada is thrilled to lend its investing experience, as a century-old pan-African reference player, to young innovative businesses who are constructing the Africa of future. These start-ups will be able to rely on its excellent knowledge and that of its teams specializing in venture capital,” explains the fund in a press release.
Well before this endeavor, Al Mada recently developed a new organization, Al Mada Innovation, dedicated to the business of venture finance. Omar Laalej, a former AfricInvest was hired last February to oversee this section of venture capital.
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In Africa, capital raised by startups have expanded dramatically during the past five years, reaching approximately $5 billion in 2021. However, this funding represents less than 1 percent of global venture capital investments.
Through Evergreen, Al Mada wants to strengthen investments in the form of venture capital across the continent. The Fund will target Moroccan and African startups in which it will take minority shares, and will ease their access to networks, the organization of strategic collaborations, and financial resources.
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With a diversified investment portfolio, Al Mada is present in 24 African nations, throughout 7 industry areas ranging from financial services to telecoms, real estate and energy.
Al Mada African Fund Al Mada African Fund
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer