Morocco’s Al Mada Holding Group has launched a MAD1.1 billion (US$110 million) pan-African venture capital fund to invest in fast-growing startups across the continent.
Al Mada, an investment holding company controlled by the Moroccan royal family, is one of the largest private investment funds in Africa, and its new fund aims to attract innovative investors and take part in the exponentially-growing African startup landscape.
The fund will back tech or tech-enabled startups in industries including financial services, health, logistics, education, and renewable energy. It will operate as a vertical accelerator, targeting startups that have reached a certain level of maturity and helping them access capital. The Al Mada venture fund will also offer portfolio startups access to the company’s large network of partners.
“Al Mada is delighted to bring its 100-year experience as a pan-African inverter to young innovative entrepreneurs who are building the Africa of tomorrow,” said the firm in a statement. “Startups will thus be able to rely on our solid expertise and that of our teams specialising in venture capital.”