Launch of the main components of the "innov invest fund"
Mr. Mohammed BOUSSAID, Minister of Economy and Finance chaired on Monday, October 30th in Rabat, the ceremony of the effective launch of the "Innov Invest Fund" (FII) in the presence of the representative of the World Bank, as well as representatives of the ecosystem of startups in Morocco.
This ceremony marked the operationalization of the "Innov Invest Fund" at the end of the selection process led by Caisse Centrale de Garantie to label the main actors (fund managers, institutional investors and the labeled support structures).
"This fund offers real opportunities in terms of support and financing in favor of startups and innovative project holders. Its implementation reflects a strong commitment by the Government towards this category of entrepreneurs, who constitute the core of the economy of the future”, said Minister of Economy and Finance, Mr. Mohamed BOUSSAID, in a speech delivered on the occasion.
The Minister also announced that no less than 700 million dirhams (MDH) are ready to be invested for the next five (5) years in innovative startups, with 300 million dirhams injected by CCG via the "Innov Invest Fund", adding to the participation of national and foreign investors of up to 400 million dirhams. "The Innov Invest Fund, managed by CCG, was conceived with all stakeholders as a global funding mechanism targeting no less than 300 innovative projects over the next five years," stated Mr. BOUSSAID.
During this ceremony, conventions were signed between CCG, represented by its Director General Mr. Hicham ZANATI SERGHINI, and six actors of the ecosystem representing support structures for project holders. These structures, retained after a selection and labeling process for a period of 3 years, will ensure, in close collaboration with CCG, the financing of the early stages of innovative projects. The six labeled organizations will now be able to grant Innov Idea (in the form of grants) and Innov Start (in the form of loans on trust) in favor of project holders. They will also provide prospecting services, through the organization of events for calls for projects; selection through the evaluation of the innovative character and the assessment of the potential of the project; and supporting by offering coaching and mentoring, networking, incubation and prototyping actions.
CCG has also signed four agreements with the companies managing the selected four seed funds (Azur Innovation, Seaf Morocco Growth Fund, Maroc Numeric Fund II and Green Innov Invest) as well as with national and foreign investors.
The purpose of these Funds consists in acquiring equity investments in innovative startups and thus reducing the financing gap that exists for this category of enterprises.
It should be recalled that in order to strengthen the financing offer targeting startups and innovative enterprises, the Moroccan government has carried out, as part of the strategy of Caisse Centrale de Garantie and with the support of the World Bank, the implementation of the "Innov Invest Fund". With this new instrument, CCG is expanding its offer, thus filling a gap in the funding chain of the early stages of start-up creation and innovative projects, where the difficulties of accessing funding sources arise with more acuity.