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Rabat – The Mohammed VI Investment Fund (FM6I) has announced plans to establish dedicated “startup funds” in collaboration with key governmental and financial institutions in Morocco.
This initiative, announced in Rabat yesterday, signifies a pivotal moment in Morocco’s journey towards nurturing a vibrant startup ecosystem with global relevance.
Working closely with the Ministry of Digital Transition and Administrative Reform as well as Caisse de Dépôt et de Gestion (CDG), the FM6I has initiated a call for interest aimed at selecting management companies to oversee these specialized funds.
Set against the backdrop of Morocco’s burgeoning tech scene, the open call seeks innovative solutions from management companies to expedite fundraising endeavors on national and international scales.
With a submission deadline of July 1, 2024, at midnight, interested parties are urged to participate and can find additional details on the FM6I’s official website.
The primary objective behind the startup funds initiative is to bolster financial resources available to startups, fostering a robust ecosystem conducive to innovation and technology.
Mohamed Benchaaboun, CEO of the Mohammed VI Fund for Investment, emphasized in the announcement the initiatives’ tailored financing approach, with approximately 1.5 billion dirhams from the public sector earmarked for supporting rapidly growing startups.
Notably, according to FM6I, the initiative extends its support to both Moroccan and foreign startups with substantial ties to Morocco, reflecting a commitment to fostering economic and social ties.
Selection criteria for management companies will prioritize team caliber, their track record in managing similar funds, and the companies’ ability to attract investments while adhering to responsible investment practices.
A memorandum of understanding (MoU) was signed in Rabat at the time of the announcement, solidifying the collaborative effort between key stakeholders, including government entities and financial institutions, to invigorate investment in Moroccan startups.
Led by Ghita Mezzour, Minister Delegate for Digital Transition and Administrative Reform, and her counterpart Fouzi Lekjaa, Minister Delegate to the Minister of Economy and Finance, the MoU highlights a commitment to revolutionizing startup finance
According to Ministry Mezzour, the agreement aligns with Royal High Directives and strategic support from the Ministry of Digital Transition and Administrative Reform, aiming to cultivate a thriving startup ecosystem.
By providing tailored financing solutions at various developmental stages, the FM6I’s startup funds initiative aims to cultivate future Moroccan trailblazers in diverse sectors.
