11 Hrs
Source:
الاقتصادية
Morocco raises over 70 million dollars for startups
The Moroccan "Inov Invest" program successfully raised over $70 million in private capital with support from the World Bank, aimed at strengthening the venture capital market and funding startups in Morocco. Since its launch in 2016, the program has contributed to the creation of four venture capital funds, the accreditation of 16 incubators and accelerators, supporting approximately 1,000 entrepreneurs and providing more than 4,000 direct jobs. Companies led by women received 27% of the funding, surpassing targets, and one of the funds was linked to international and local financial institutions in an effort to facilitate financing for startups and reduce the risks faced by early-stage investors. The program has implemented regulatory reforms and launched projects in the region worth more than $500 million. It now aims to expand funding and enhance the startup environment by strengthening partnerships and attracting foreign investments, while ongoing challenges highlight the need for continued legal and regulatory reforms.
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