CDG Invest 212 Founders - Afrikan Heroes

CDG Invest Unveils Eight Promising Startups Selected for the 7th Edition of the 212 Founders Program

December 19, 2023

CDG Invest, through its investment arm 212 Founders, proudly announces the selection of eight innovative startups for the 7th edition of the renowned 212 Founders program. The investment committee meticulously reviewed nearly 300 applications, choosing companies operating in diverse sectors such as Fintech, DeepTech, BioTech, Afritech, and more. Notable among the selected startups are Premium Technology and Services, PCS Agri, Fungu’it, Tickie, AltBiotech, TrackLab, and Cryptr.

Nawfal Fassi Fihri, the Director of the 212 Founders program, highlighted the unique nature of this edition, emphasizing its position in supporting startups aspiring to grow in Morocco. Fihri stated, “This position reinforces our presence as a Moroccan support and investment program ready to support projects from the diaspora in Europe.” The selected startups will receive individualized mentoring, specialized training, and networking opportunities to connect with investors and partners.

Since its inception in 2019, the 212 Founders program has successfully realized 18 seed and Series A fundings, allocating a total of 97.2 million dirhams (MDH) (9.6 Million USD). Phase 1 (Seed) of the project is allocated 7 MDH, while phase 2 (Series A) is allocated 10 MDH.

In a strategic move to boost the global presence of Moroccan and African startups, 212 Founders pioneers an innovative program providing both guidance and financing. The program is open to high-potential individuals with at least a Minimum Viable Product (MVP) and emphasizes innovation, scalability, and a strong ambition for internationalization in Africa or the Middle East.

The program, financed by CDG Invest, operates on a non-profit basis with a mission to bring forth globally impactful startups tied to Morocco and Africa. During the incubation phase, startups can secure Seed funding ranging from €200k to €700k. As startups progress to acceleration, 212 Founders stands ready to co-invest up to €1M during a Series A funding round, collaborating with other venture capital funds.

The 212 Founders program unfolds in three distinct phases: Project Sourcing, Incubation (6 months), and Acceleration (12 months), focusing on large-scale deployment and preparing startups for a Series A funding round.

Historically based in Casablanca, Morocco, 212 Founders has expanded its reach to Paris, France, ensuring equal access to mentorship, support, and resources for startups in both locations. The program’s operations remain consistent, promoting entrepreneurship and innovation in the region.

Startups in the program have the opportunity to develop internationalization strategies towards MENA and Africa, leveraging the strategic advantages of Morocco, such as a pool of tech talents and development resources. This holistic approach aims to foster entrepreneurship and innovation, creating a thriving ecosystem for startups in both Casablanca and Paris.

CDG Invest 212 Founders

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.

Al Barid Bank and Barid Cash Collaborate with CDG INVEST to Back Fintech Startups in Morocco

December 12, 2023

Al Barid Bank, Barid Cash, and CDG Invest, the Investment Branch of the CDG Group, have signed an agreement aimed at promoting the creation and development of fintech startups in Morocco. This partnership is part of the “212Founders” program by CDG Invest, dedicated to investing in and supporting startups with international ambitions. The “212Founders” program launched by CDG Invest aims to energize the fintech ecosystem in Morocco by establishing a support system for fintech projects from the ideation phase to market launch.

Al Barid Bank and its subsidiary Barid Cash, with their mission of financial inclusion, aim to implement innovative, inclusive banking solutions that bring value to all Moroccans while fostering entrepreneurship in the field of new technologies.

This alliance reflects the shared commitment of CDG Invest and the Al Barid Bank Group to promote development and innovation in the field of new technologies related to finance by providing aspiring Moroccan fintech companies with a facilitating framework, including the provision of technological infrastructure conducive to the realization of their projects.

Thus, this partnership, fully aligned with the strategic vision of its signatories, aims to efficiently support the momentum in the fintech sector in Morocco.

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.

CDG Invest Pours About $1.7 Million Into Seven Moroccan Startups In The First Edition Of 212 Founders

April 29, 2020

It’s definitely a breath of fresh air. In this period of health crisis where startups are struggling to survive, CDG Invest, the investment branch of Groupe Caisse de Dépôt et de Gestion (CDG), has decided to grant seven financing agreements to date for the benefit of seven startups in the first edition of the 212 Founders program. Launched in September 2019,CDG Invest’s 212 Founders is a support and financing program aimed at developing world-class startups from Morocco. About twenty startups out of nearly a thousand applicants were selected to participate in the program, after a demanding application process, with funding ranging from of 1 to 3 million dirhams )($100k-$300k). In this round, each of the seven startups received at least $250k in funding from the company.

“Once the level of maturity for a fundraising in Series A is reached by the startups, CDG Invest will participate in the second fundraising that will feature both national and international investors. When that time comes, CDG Invest can participate for an amount of up to ten million dirhams ($1m),” indicates the top management of the company.

Here Is What You Need To Know

The activities of these startups cover a wide variety of fields, ranging from mobility, logistics, marketplaces, hotels, and SaaS (software as a service).
It should be noted that out of the seven investment agreements, four have been released: this include Kifal Auto; Invyad, Weego and Freterium, while the other three will be in the coming days.
Other startups in this promotion will also be able to benefit from funding after their transition to the investment committee.
All of the funded startups are joining the 212 Founders acceleration phase, which aims to prepare them best in their commercial and technical development over the next twelve to eighteen months.

*CDG Invest ‘s 212 Founders program is one of the many acceleration and incubation programs for startups scattered across Africa*

CDG Invest Will Support At All Stages Of Each Startup’s Growth

In order to prepare the next stages of financing for these startups, CDG Invest will undertake several meetings with international Venture Capital funds on behalf of the startups. The ultimate goal of this is to support the dynamics of innovation and entrepreneurship and to bring up world-class startups from Morocco.

In this regard, actions have already been taken to attract European, African and Middle Eastern investors, like the Founders Camp organized in Marrakech in December 2019 which allowed the startups of the promotion to be exposed to the best Venture Capital funds, whether Moroccan or international.

Other meetings are also planned in the coming months to consolidate a network of national and international investors around the startups of the 212 Founders program.

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.