Morocco’s Al Mada Holding Group announced the launch of a pan-African venture capital to invest in fast-growing startups on the continent.
With a budget of MAD1.1 billion, which accounts to almost $113 million, the Al Mada-backed venture capital aims to attract innovative investors and take part in the exponentially-growing African startup landscape, according to converging news reports.
The venture capital aims to contribute to the development and emergence of promising technology-oriented startups specialising in future industries, including financial services (fintech), health tech, logistics, education, and renewable energy.
With an aim to operate as a vertical accelerator, the venture capital will target startups having reached a certain level of maturity, helping them access the growth-dependent capital.
In addition to providing direct funding, the Al Mada venture fund will equally offer startup access to the fund’s large network of partners.
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