(Ecofin Agency) – After its venture capital branch Al Mada Innovation, the investment fund controlled by the Moroccan royal family has launched Evergreen, “the largest venture capital fund with African capital”.
The Moroccan private equity investment fund Al Mada announced the launch of Evergreen, “the largest venture capital fund with African capital”.
With a target size of 1.1 billion dirhams, or $100 million, this vehicle aims to finance high-potential start-ups specializing in technologies and innovations in sectors such as financial services, health, logistics, education and even renewable energies. It will mobilize funds primarily from Moroccan institutions.
“Al Mada is delighted to bring its investment experience, as a century-old pan-African reference player, to young innovative entrepreneurs who are building the Africa of tomorrow. These start-ups will be able to rely on its solid expertise and that of its specialized venture capital teams,” specifies the fund in a press release.
Well before this initiative, Al Mada recently launched a new structure, Al Mada Innovation, dedicated to the business of venture capital. Omar Laalej, a former member of AfricInvest, was appointed last February to lead this branch of venture capital.
In Africa, funds raised by start-ups have grown significantly over the past five years, reaching nearly $5 billion in 2021. However, this funding represents less than 1% of global venture capital investments.
Through Evergreen, Al Mada intends to strengthen investments in the form of venture capital on the continent. The Fund will target Moroccan and African start-ups in which it will take minority shares, and will facilitate their access to networks, the organization of strategic partnerships, and financial resources.
With a diversified investment portfolio, Al Mada is present in 24 African countries, within 7 business sectors ranging from financial services to telecoms, including real estate and energy.
Chamberline MOKO