CDG Invest Pours About $1.7 Million Into Seven Moroccan Startups In The First Edition Of 212 Founders
It’s definitely a breath of fresh air. In this period of health crisis where startups are struggling to survive, CDG Invest, the investment branch of Groupe Caisse de Dépôt et de Gestion (CDG), has decided to grant seven financing agreements to date for the benefit of seven startups in the first edition of the 212 Founders program.
Launched in September 2019,CDG Invest’s 212 Founders is a support and financing program aimed at developing world-class startups from Morocco. About twenty startups out of nearly a thousand applicants were selected to participate in the program, after a demanding application process, with funding ranging from of 1 to 3 million dirhams )($100k-$300k).
In this round, each of the seven startups received at least $250k in funding from the company.
Here Is What You Need To Know
- The activities of these startups cover a wide variety of fields, ranging from mobility, logistics, marketplaces, hotels, and SaaS (software as a service).
- It should be noted that out of the seven investment agreements, four have been released: this include Kifal Auto; Invyad, Weego and Freterium, while the other three will be in the coming days.
- Other startups in this promotion will also be able to benefit from funding after their transition to the investment committee.
- All of the funded startups are joining the 212 Founders acceleration phase, which aims to prepare them best in their commercial and technical development over the next twelve to eighteen months.
In order to prepare the next stages of financing for these startups, CDG Invest will undertake several meetings with international Venture Capital funds on behalf of the startups.
The ultimate goal of this is to support the dynamics of innovation and entrepreneurship and to bring up world-class startups from Morocco.
In this regard, actions have already been taken to attract European, African and Middle Eastern investors, like the Founders Camp organized in Marrakech in December 2019 which allowed the startups of the promotion to be exposed to the best Venture Capital funds, whether Moroccan or international.
Other meetings are also planned in the coming months to consolidate a network of national and international investors around the startups of the 212 Founders program.