More than 46 MDH allocated to financing innovation since the launch of the "Innov Invest Fund
Casablanca, Friday, March 1st, 2019 - Caisse Centrale de Garantie (CCG) continues to make sustained efforts to accelerate the pace of granted financing for innovative startups. In this regard, CCG organized, this Friday, March 1st in Casablanca, the "Innov'Actors" meeting to introduce the ten new support structures labeled under the "Fonds Innov Invest" (FII) to the innovation ecosystem and to assess the activity of this Fund since its official launch in October 2017.
In his speech for the occasion, Mr. Hicham ZANATI SERGHINI, Director General of CCG, welcomed the “positive launch which confirms the relevance of this mechanism to startups and innovative project holders”. Indeed, to date, the first six support structures labeled by CCG have been able to finance, via the "Innov Idea" and "Innov Start" solutions, some 62 projects for an overall budget of 12.3 million dirhams. It shall be noted in this regard the great diversity of the selected projects: 30% operate in the ICT sectors and 20% in Greentech. In addition to other sectors of activity, such as agribusiness and industry that mobilized more than 26% of granted funding.
With the labeling of the second promotion of support structures, CCG is taking a step forward by accelerating the emergence of innovative entrepreneurship in Morocco. Indeed, these new partners will provide support and financing for more startups and innovative projects. These include: CE3M, CEED Morocco, Menara Cluster, Enactus, Endeavor, SOS Morocco Group (Bidaya), Happy Ventures, H Seven, Kluster CFCIM and Moroccan CISE.
These new structures will strengthen the network of the six partners labeled in 2017, namely APP Editor, Solar Cluster, Impact Lab, R&D Morocco, Réseau Entreprendre Morocco and Start-up Morocco.
In addition, and regarding the seed/venture capital component provided through the four investment funds set up with both national and foreign investors, six startups were financed for investment tickets totaling MAD 34 million.
In this regard, Mr. SERGHINI stated that "CCG, and through its various partners, has the ambition to play a decisive role in the coming years for the growth of young startups with high potential".
Recall that the "Innov Invest Fund" is a device dedicated to financing seed and innovative startups launched in late 2017. Endowed with 500 million dirhams mobilized by the State from the World Bank, this Fund, which benefits from an additional support from the European Union, aims to finance 300 innovative projects over five years.