IFC eyes investment in emerging tech ventures, a Moroccan venture capital fund focused on tech startups

The International Finance Corporation (IFC), part of the esteemed World Bank Group, is currently evaluating a substantial financial commitment to a Moroccan venture capital fund that is dedicated to nurturing emerging technology enterprises in the regions of North and West Africa.

The IFC has disclosed its intention to potentially inject up to $4 million in equity into the EmergingTech Ventures Fund II (Emtech II). Emtech II is an early-stage venture capital fund domiciled in Morocco, under the management of EmergingTech Ventures SA (Emtech). The fund is in the process of raising capital, with an objective of securing $60 million and the possibility of extending to an $80 million hard cap if necessary.

Emtech, established as a limited liability company by Meriem Zairi, Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui, is strategically positioned to invest in startups that are either currently operating or planning to establish operations in Morocco, Tunisia, and the Francophone countries of West Africa. This specific region includes several West African nations where French is predominantly used in business and educational contexts.

The IFC’s proposed investment is intended to support the initial closing of Emtech II, which has a milestone target of $40 million. This move underscores the IFC’s trust in Emtech’s expertise to scout and nurture high-potential tech startups within this geographic scope.

Through its support of Emtech II, the IFC is looking to catalyze the growth of a vibrant and innovative early-stage technology ecosystem in North and West Africa. The investment is poised to provide essential capital to startups with high potential, thereby stimulating innovation and contributing to job creation throughout the region.