Azur Innovation Management, a subsidiary of Azur Partners has launched a $35 million Innovation Fund to invest in Moroccan startups. The public-private fund targets Moroccan companies with less than 18 months of activity, “having a proven innovative product / service concept with successful marketing”
The facts
- The Azur Innovation Fund initially endowed with $20 million with contributions from Central Guarantee Fund (CCG), its first investor, AfDB, CIH Bank, Bank Of Africa and MASEN, was raised to $35 million as a result of the Development Fund of the Dutch Government (DFDG), the German development bank KFW and Saham Assurances joining during the first closing of the fund on March 11th, 2020.
- With a lifespan of 10 years, and an investment period of 5 years (extendable by one year), the fund targets innovative Moroccan startups.
- The Fund will focus on the renewable energy sectors, Morocco’s global businesses, service platforms and new technologies.
- The average investment tickets will be around $500k (excluding follow-on).
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Moroccan Startups Targeted By The Fund
The fund targets the following categories of startups according to their various stages of development:
- Companies with less than 18 months of activity, having a proven innovative product / service concept with successful marketing (Seed Capital Component);
- Companies with more than 18 months and less than 3 years of activity, having an innovative product / service in production and available on the market, with recurrent sales (Early Stage Capital Component);
- Companies with more than 3 years and less than 5 years of activity, having an innovative product / service in strong growth with positive Ebitda, even if it still realizes losses (Venture Capital Component).
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A Look At Azure Partners
Azur Partners is an independent Moroccan investment fund management company focused on venture capital. It structures and manages funds in agriculture, agrifood and innovation.