BMCE Capital Investment, which is a subsidiary of BMCE Capital Group, has announced it will be launching its first venture capital fund specifically devoted to supporting Moroccan startups.
The new fund of MAD 50 million ($4.5 million) demonstrates BMCE Capital Group’s intention to assist Moroccan start-up companies at the seed stage.
To reach the desired level of capital over the next several months, the fund intends to solicit financial contributions from well-known Moroccan investors as well as significant economic participants.
Here’s What You Need To Know
- It is anticipated that the BMCE venture capital would, in addition to obtaining the required cash for the local startup ecosystem, connect the entrepreneurs in its portfolio to an extensive network of Moroccan and international investors.
- On July 29, the Moroccan Capital Market Authorities (AMMC) gave its approval to the establishment of the new fund. This fund will be largely backed by BMCE Group, which is recognised as one of the most important financial organisations in Morocco. The National Company for Guarantee and Business Financing has provided the company with the Damane Capital Risk guarantee, which allows for the business to operate risk-free (SNGFE).
- Morocco’s startup economy is becoming a regional hotspot due to the rise of Moroccan firms like Chari across Francophone Africa.
- Morocco’s “cheap and stable” environment for entrepreneurs and companies, especially in fintech and e-commerce, make it the sixth largest startup ecosystem in Africa and second in North Africa.
- The Moroccan position is emphasised by the rising number of companies, especially in Casablanca, which recently rated as the top regional challenger of MENA’s main startup centres such as Cairo, Dubai, Riyadh, and Tel Aviv.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert