Join on WhatsApp
Join on Telegram
Rabat – Morocco’s venture capital, UM6P Ventures, is seeking to invest more in Israeli deep tech startups and scale the solutions throughout Africa.
UM6P Venture is especially interested in highly-prospective Israeli biotech startups, according to a report from Israeli media The Times of Israel.
“Israel is a champion in many deep-tech domains and we are currently looking into and evaluating a couple of startups in Israel,” UM6P’s CEO, Yasser Biaz, told The Times of Israel at an investment summit in Jerusalem.
Biaz further added that the Moroccan venture capital plans to add at least four Israeli startups to its portfolio in 2023, in addition to the two that are already in the firm’s portfolio.
The CEO also told the Israeli media that his firm is seeking early-stage startups working in biotechnology and agriculture.
UM6P Ventures is a Casablanca-based venture capital with a mission to invest in scientific innovation in Morocco and Africa. The firm invests and provides infrastructure for early-stage startups in the fields of digital transformation and deep tech.
In 2022, the firm invested in two Israeli startups. In July, the venture capital invested in ClimateCrop. The startup genetically modifies crops to allow plants and trees to store more carbon and increase yield.
In November last year, the firm took part in a €2 million seed investment for Biotic. A startup that developed a sustainable replacement for plastic. The replacement is produced from sea algae.
“Investment in deep-tech, despite available capital and investment willingness, has been relatively nascent or mute in Africa,” Biaz told the Israeli media.
UM6P Ventures invests in “very early-stage tech where other investors will not go,” he explained, adding that the Israeli startup will benefit from the firm’s support while sharing their expertise.
Read Also: UM6P Ventures Invests in Climate Crop For Resilient Agriculture
