$269M Catalytic Fund Launches in Morocco to Boost VC & Startup Growth

Morocco’s Ministry of Digital Transition and Public Administration Reform, working with the Mohammed VI Investment Fund, Caisse de Dépôt et de Gestion, and Tamwilcom, has signed an agreement to launch an incentive mechanism for funds investing in local startups. The vehicle plans to inject around $269 million (MAD 2.5 billion), combining public and private commitments to expand financing across the venture market, making it one of the country’s most significant public interventions in venture capital.

Structured as a fund of funds, the mechanism will deploy capital into nine selected management companies through a call for expressions of interest run by the Mohammed VI Investment Fund. The selected managers span fintech, agri-tech, ed-tech, digital health, climate tech and others, with allocations distributed across three pre-seed vehicles, two seed-stage funds, and four funds targeting Series A and later-stage companies. Capital will be provided by the ministry via Tamwilcom, the Mohammed VI Investment Fund, and Caisse de Dépôt et de Gestion, alongside participation from local and foreign investors.

The partnership will implement risk coverage through Tamwilcom, which will provide insurance against initial losses to investors. In specific cases, Tamwilcom will deploy capital directly on behalf of the ministry to bridge funding gaps. The measures aim to attract investors in a risk-averse macroeconomic climate while directing more funding to startups from early through expansion stages.