- MOROCCO – Nessiam, an inclusive lingerie tech startup located in Morocco, has secured a 3 million Dirhams (US$306,000) equity funding from the CDG Group’s investment arm, CDG Invest, as part of the 212 Founders program.
As part of this investment, Nessiam secured local support with the goal of creating its leadership in the Moroccan market and achieving its strategic objectives, and expanding into the MENA region.
Nessiam will use the funds to build various product lines for the upcoming summer season, such as swimwear, and accessories, in order to become a benchmark brand in the MENA region.
Founded in 2021 by Mohammed Damiri and Hamza Aouadi inspired by a simple observation that the majority of Moroccan consumers have a genuine need for high-quality underwear in all sizes at an affordable price.
The Nessiam brand offers a comprehensive and specialized selection of products to meet the needs of all women. Essentially, the startup provides women with fashionable, high-quality products at reasonable costs.
“Nessiam has demonstrated resilience and inventiveness in democratizing an ethical brand in a fashion market dominated by fast fashion businesses,” said Youssef Mamou, Director of the 212 Founders Programme — CDG Invest.
“We were honored to assist them in developing a strong brand on Moroccan soil and allowing them to take the initial steps in the MENA area. Following the lifting, we will make every effort to make Nessiam a prominent player in the region’s Fashion Tech.”
According to Damiri, the startup aims to do more than just meet market demand by offering products to its consumers at lower pricing.
He added that Nessiam’s vision has become a reality thanks to the support of 212 Founders, who have facilitated the establishment of a brand that pursues its beliefs.
Following the completion of this latest round of funding, the 212 Founders program will have raised 57 million Dirhams (US$5.8 million) in seed and Series A funding since 2019.
The goal of 212 Founders is to bring world-class start-ups to Morocco. The program is accessible to all high-potential entrepreneurs with at least an MVP (Minimum Viable Product).
Since its introduction in September 2019, the 212 Founders program has received over 2,000 applications and supported 55 businesses in a variety of industries, including mobility, education, logistics, market-places, and SaaS (software as a service).