We invest in innovative startups operating in the information and communication technology sector with high growth potential. The project must present a form of innovation in relation to the national industry, but this may also lie in the technology, the business model, the marketing method or the very nature of the use of the product or service.
Maroc Numeric Fund reserves up to a maximum of 20% of its capital for other innovative sectors (e.g. biotechnology, green technologies, etc.).
We do not consider projects mainly dedicated to e-commerce, distributors, importers or training or technological consulting firms.
We also do not consider projects in competition with startups in our portfolio.
Maroc Numeric Fund invests only in companies registred in Morocco.
However, all or part of the activity may be carried out abroad or for export.
After submitting the application form via our website, we will respond to the founder(s) within 10 days maximum.
If the application complies with MNF’s investment strategy, a meeting is scheduled with the founder(s) to find out more about the project. Otherwise, an email is sent to the founder(s) to explain the reasons for the refusal.
In the early stage phase, Maroc Numeric Fund invests in start-ups that already have a product ready for commercialization, and have already had a market validation through first sales.
Ideally, the startup should have received financial support from other programs (such as Innov Idea or Innov Start) or business angels beforehand, to ensure the promoters’ management capacity during the launch phases of their projects.
In the venture capital phase, Maroc Numeric Fund invests in innovative start-ups less than 5 years old, which have demonstrated significant revenue growth and require an additional investment to finance their growth in Morocco and abroad.
MNF acts as a minority but significant shareholder in the capital. The fund participates in the governance bodies of the invested companies (board of directors, etc.) without being involved in day-to-day operational management. The percentage held will depend on the company’s level of development and the amount invested.
Maroc Numeric Fund’s management team does not only invest in capital in a company: it invests its time, its knowledge and its network at the service of entrepreneurs. Maroc Numeric Fund is systematically represented in the company’s corporate boards to participate in the development of the strategy and development plan, provide advice to entrepreneurs and participate in the monitoring of entrepreneurs.
MNF provides its management teams with the benefit of its network of operational experts in the accounting, legal and regulatory fields and mobilizes a vast network of experts and experienced players in the industry, particularly through the richness of the Moroccan entrepreneurial eco-system.
Finally, MNF also supports the management teams in their investment and development projects and in particular in accessing the following financing rounds.
Maroc Numeric Fund intends to be present and active with the company for at least several years (2 to 7 years).
In the early stage phase, the investment ticket is between 1 and 4 million DH.
In the venture capital phase, this ticket goes from 4 to 10 million DH.
Maroc Numercic Fund’s shareholders are all financial or public institutions: Caisse Centrale de Garantie (through Innov Invest), Attijariwafa Bank, Banque Centrale Populaire, BMCE Bank and MITC, the company managing the Technoparks in Morocco.
The first step is to fill in the form on our website with a presentation of your project.
Within 10 days maximum, you will receive a response. If the project is in line with MNF’s investment strategy, we will propose a meeting to learn more about the project. Otherwise, an e-mail will be sent to you explaining the reasons for the refusal.
The project is then studied in depth by the management team. We are frequently called upon to develop a project even before our entry, whether it is a matter of strategy, positioning or completing a team of founders. If the interest is confirmed, we establish a business plan for the project together.
Following this, the founder(s) will be required to present the project to the members of the Investment Committee, which will take a decision in the following days, formalized by a letter of intent, if this decision is positive. This letter proposes a valuation and sets out the future relationships, the additional steps to be taken, the timetable until the transaction is done.
An acquisition audit (due diligence) will then be carried out as well as the drafting of legal documentation (shareholders’ agreement, etc.) establishing the relationship between the founder(s) and the fund.
Once all these steps have been completed, the funds can be released.
From start to finish, and if everything goes according to plan, these operations last an average of 4 months. Any fundraising must therefore be well anticipated.
MNF is the only fund dedicated to technology startups in Morocco. As a specialized fund, it has been able to develop a fine expertise in the field, and has been able to work with a number of successful startups in Morocco.
In addition, and thanks to the quality of its shareholding, MNF provides an institutionalization of the round table of invested startups, and significant support for the conquest of other international markets.
Among the most decisive criteria:
- The quality of the founding team
- The size and potential of the target market
- Barriers to entry in all its forms (technological…)
- The competitive value proposition
- Possibilities of exit for the fund
Maroc Numeric Fund takes a minority but significant stake in the capital during the first round of financing. It may supplement its investment with a contribution in the shareholders’ current account or in convertible bonds. The fund invests only in companies that have or intend to have the status of PLC (Public Limited Company) where it actively participates in the company’s corporate boards.