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Rabat – Through its startup funding program 212 Founders, CDG Invest invested MAD 3 million ($310,481) in Guichet.com, an online show booking platform.
In addition to directly funding the startup, the 212 Founders program incubated the startup and supported it in reaching its strategic goals. With this new round of funding, the startup will strengthen its market position in Morocco and follow through with its African expansion strategy.
Launched in 2019, Guichet.com is the benchmark platform in online movies and theater ticket booking, with over 12 million users.
212 Founders is a support program for Moroccan startups, with the aim of stimulating the creation and growth of Moroccan startups. The early-stage support program offers startups seed (initial) investment and investment over their first round of fundraising (Series A).
Since its creation, the program has invested MAD 54 million ($5.5 million) in Morocco’s startup ecosystem.
Last month, CDG Invest inked a deal with Morocco’s central bank, Bank Al-Maghrib (BAM) aiming to boost Morocco’s Fintech startup ecosystem.
The two parties pledged to support startups through direct funding and providing necessary know-how through the 212 Founders program.
Under the agreement, BAM commits to offering Fintech startups the necessary guidance and financial support as part of the CDG Invest program.
BAM has equally committed to mediating between fintech startups and banks, supporting startups in securing growth-dependent funds.
Acting as an incubator, CDG has pledged to offer guidance for Fintech startups from the early stages of developing the product to commercializing the product in the market.
The agreement also touches on the issue of sharing expertise and know-how between the two institutions, enabling the two institutions to effectively support startups and support them to overcome challenges.
Read Also: Morocco’s Startup Funding Reached All-Time High in 2021
