Rabat – Through its 212Founders program, Morocco’s state-owned investment fund, CDG Invest, has invested MAD 6.3 million ($607k) in Moroccan startup Palm, which specializes in managing talents within companies using Artificial Intelligence (AI) and deep learning.
In addition to CDG Invest, Kima Ventures and Bpifrance, among others, participated in the seed fundraising, raising a total of MAD 20 million ($1.9 million). The initiative aims to support promising startups and maximize their chances of success.
A CDG Invest press release indicated that the fundraising will allow Palm to “continue its growth in Europe and consolidate its technical and artificial intelligence expertise in Morocco.”
Using AI, Palm has transformed skills management and talent retention, as well as managed to position itself as a “major player in talent management within companies,” emphasized the statement.
The Moroccan startup has gained the trust of many clients, including ESSEC, Aswo, and PayFit, thanks to the “power” of its AI tools in “processing HR data to manage human challenges” within the companies’ structure.
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With the help of Palm, companies can “map the skills of each employee, anticipate their training needs and engage them in personalized career paths based on their skills, aspirations and performance,” explained the statement.
Co-Founder and CEO of Palm Hela Atmani said that the startup is “thrilled to have 212Founders on board to accelerate our growth.”
Palm, which is currently based in Paris and Casablanca, hopes to become “the leader” in skills and career management in Europe and Africa with the support of CDG Invest, Atmani indicated.
For his part, 212Founders’ Director Youssef Mamou expressed the program’s pride to support Palm, saying that he is “impressed” by the “robustness and relevance” of the startup’s technological tools.
Since 2019, the 212Founders program has been committed to promoting entrepreneurship and upscaling Morocco’s economy; it has completed 14 Seed and Series A financings for an amount of MAD 76.3 million ($7.3 million).
