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Rabat – The European Bank for Reconstruction and Development (EBRD) unveiled the second installment of its program, Star Venture, an initiative designed to propel the growth of eight promising Moroccan startups.
Backed by financial support from the Republic of Korea, the EBRD’s Star Venture aims to identify and support high-potential startups by lending expertise and funds.
During the launch announcement, the EBRD highlighted the remarkable success stories of the program’s first cohort that included carpooling startup Pipip Yallah, healthcare-oriented Deepecho, and sustainable mobility startup Weego.
The startups achieved significant growth following the tailored 18-month support and resources provided under the program.
Star Venture is operational in various regions, including the South and East Mediterranean (SEMED), which includes Morocco, as well as the Western Balkans, Turkey, Bulgaria, Moldova, and Romania. Currently, it supports over 350 early-stage companies globally.
The program offers the participant a vast network of mentors, advisors, and investors who provide individualized guidance to young businesses over an extended 18-month period.
The primary objective of the program is to spot and support promising startups, enhancing their operational efficiency and facilitating rapid growth.
In the statement announcing the launching of the program, EBRD invites prospective startups to apply through their official website before September 24.
An expert panel will convene at an event hosted by the EBRD in early October to choose the eight startups that will join the second cohort.
“EBRD is proud to offer essential support to promising Moroccan startups and contribute to the sustainable economic development of Morocco,” the European bank said in the statement.
Read Also: EBRD Doubled its Investment in Morocco in 2022 Amid Global Crises
