Al Mada Holding Group of Morocco has formed a pan-African venture capital fund worth US$110 million to invest in fast-growing firms throughout the continent.
Al Mada, a Moroccan royal family-controlled investment holding company, is one of Africa’s largest private investment funds, and its new fund hopes to attract innovative investors and participate in Africa’s rapidly growing startup ecosystem.
“Al Mada is ecstatic to lend its century of experience as a pan-African inverter to young inventive businesses who are reimagining Africa for the future,” the firm stated in a statement. “Startups will thus be able to rely on our substantial knowledge and those of our venture capital-focused teams.”
The fund will invest in technology-related or technology-enabled enterprises in sectors such as financial services, healthcare, logistics, education, and renewable energy.
It will work as a vertical accelerator, assisting firms that have matured to a particular point in their development in obtaining capital.
Additionally, the Al Mada venture fund will provide portfolio companies with access to the company’s extensive network of partners.
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