(Ecofin Agency) - Moroccan startups with less than 18 months of activity and those with more than 3 years of recurring sales will benefit from a total of MAD350 million ($35.6 million) from development banks, banking groups, and insurance companies.
This financing vehicle mainly targets service platforms and companies active in the energy sector and new technologies, which will receive about MAD5 million of the investment.
This equity and quasi-equity financing operation is an initiative of Azur Innovation Fund. The latter is a vehicle set up by Azur Innovation Management, which is a subsidiary of the Moroccan fund manager Azur Partners and has recently completed its first closing at MAD350 million. The German development bank KfW, the Dutch government's development fund (Dutch Good Growth Fund), and the insurance company Saham Assurance participated as investors.
When it was launched in May 2020, the 10-year Azur Innovation Fund benefited from an initial investment of MAD200 million mobilized from the Central Guarantee Fund (CCG), the African Development Bank (AfDB), the Moroccan banks CIH Bank and BMCE Bank of Africa as well as the Moroccan Agency for Sustainable Energy (Masen). The amount rose to MAD350 million with the arrival of three new investors, including the German KfW, Dutch DGGF, and the insurer Saham Assurance.