Rabat – CDG Invest, the investment arm of Morocco’s state-owned CGD Group in charge of the country’s long-term savings, announced yesterday it has selected 12 Moroccan startups to benefit from its incubation program.
Through a special program, CDG Invest is set to finance and incubate 12 Moroccan startups operating in a range of fields including fintech, logistics, and e-commerce among others, according to a press release from the company.
The startups were chosen from over 400 applications and are set to be incubated through the CDG Invest-sponsored program 212 Founder.
“Incubating” startups means that providing financial and technical assistance to a startup to maximize their chances of market success.
The list of incubated startups features Distripha, Humanitics, Ta7alil and, Crealo, four startups developing an AI solution to optimize online services. The list further includes SLM Impact Fi, a fintech startup, the statement explains.
Laymoon, POGO, OPT-IN, Hemicube, KargoLive, and Digishare, operating in AI, and electric vehicle rental, among other fields.
Launched in 2019, the 212 founders program has so far financed 12 startups to fund initial and late-stage operations under a total investment of MAD 57 million ($5.7 million).
CDG Invest says that the program aims to provide tailored support to incubated startups. The program additionally offers startups up to MAD 7 million in initial funding and up to MAD 10 million in late-stage funding in its “Series A” program.
In recent years, Morocco has launched a number of programs to incubate startups and stimulate the emergence of a startup ecosystem in the country.
Despite the gradual growth in the country’s startup ecosystem, it still faces significant challenges. Lack of capital, the prevailing fragmented markets, lack of quality education, and suboptimal infrastructure are all weighing down on startups’ growth prospects, experts point out.
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