FM61 boosts Morocco’s startup ecosystem

In a move to boost Morocco’s startup ecosystem, the Mohammed VI Investment Fund (FM6I) has unveiled plans to establish dedicated “startup funds” in collaboration with key governmental and financial institutions.

Announced in Rabat, it signals a pivotal moment in the nation’s efforts to foster a vibrant startup culture with global impact.

Teaming up with the Ministry of Digital Transition and Administrative Reform and Caisse de Dépôt et de Gestion (CDG), FM6I has launched a call for interest to select management companies to oversee specialised funds.

The call aims to solicit innovative solutions from management firms to streamline fundraising efforts nationally and internationally.

With a submission deadline set for 1 July, 2024, interested parties are encouraged to participate and can find detailed information on FM6I’s official website.

The primary objective of the startup funds initiative is to augment financial support available to startups, nurturing an ecosystem conducive to innovation and technology.

Mohamed Benchaaboun, CEO of the Mohammed VI Fund for Investment, highlighted the initiative’s tailored financing approach, with approximately 1.5 billion dirhams earmarked from the public sector to support rapidly growing startups.

Notably, FM6I’s support extends to both Moroccan and foreign startups with significant ties to the country, reflecting a commitment to fostering economic and social connections.

Selection criteria for management companies will prioritise team calibre, track record in managing similar funds, and the ability to attract investments while adhering to responsible practices. A memorandum of understanding (MoU) solidifies the collaborative effort between key stakeholders to invigorate investment in Moroccan startups.

Led by Ghita Mezzour, Minister Delegate for Digital Transition and Administrative Reform, and Fouzi Lekjaa, Minister Delegate to the Minister of Economy and Finance, the MoU underscores a commitment to revolutionise startup finance in alignment with Royal High Directives.

Ministry Mezzour emphasised that the agreement aims to cultivate a thriving startup ecosystem, supported by strategic initiatives from the Ministry of Digital Transition and Administrative Reform.

By providing tailored financing solutions, FM6I’s startup funds initiative aims to cultivate future Moroccan trailblazers across diverse sectors.