In April 2018, SEAF launched its first fund in the North Africa region, the SEAF Morocco Growth Fund. With US $22 million in committed capital, the Fund focuses on investments in innovative startups and growth-stage companies.
SEAF Morocco Growth Fund
The SEAF Morocco Growth Fund (SMGF) investors comprise of Caisse Centrale de Garantie, BMCE Bank of Africa, Wise Venture Capital (USAID), the SEAF group and Caisse Marocaine des Retraites. SMGF is part of the Innov Invest program managed by the Moroccan Caisse Centrale de Garantie to promote entrepreneurship and inclusive economic growth in Morocco. The Fund is managed by SEAF Morocco Capital Partners, the Moroccan subsidiary of SEAF that is registered with the Moroccan Capital Market Authority.
Committed Capital
22
million dollars
Fund Term
10
years from first close plus 1+1
Investment Period
5
years from first close
Deal Size
500k - 30m
MAD
Investment Strategy
- The Fund is focused on providing risk capital and operational assistance to 10-15 high-growth, early stage startups and entrepreneur-led companies at the seed early and venture capital stage of their development.
- The Fund’s goal is to achieve market-rate turns while delivering measurable social and environmental impact.
- While sector agnostic, the Fund is targeting emerging sectors and segments such as tech-enabled agribusiness, digital media & technology, health, education and fintech, among others.
- The Fund aims to address the following United Nations Sustainable Development Goals: #2 – Zero Hunger, #4 – Quality Education, #8 – Decent Work and Economic Growth, #9 – Industry, Innovation and Infrastructure, #10 – Reduced Inequalities and #11 – Sustainable Cities and Communities.
Investment Thesis
- Morocco’s strategic geographic location, political stability and the recent government-enacted reforms to improve competitiveness and the ease of doing business all contribute to an environment that is increasingly ripe for private investment.
- The return of Morocco’s diaspora, paired with the country’s overwhelmingly young population, serves as a significant source of untapped human talent, as well as one that is quick to adopt newer technologies and innovative solutions.
- SEAF believes it the Fund will create value by empowering innovators, unleashing the entrepreneurial potential and combining technology and innovation to promote economic empowerment in Morocco.
Region: Africa
Location(s): Morocco
Status: Fundraising
Committed Capital: $22 Million
Investor(s): CCG; CMR; BMCE; Wise Capital (USAID); SEAF
Managing Director: Meriem Zairi
Local Team
Meriem Zairi
Senior Managing Director
Meriem leads the SEAF Innovation Funds Initiative in the Maghreb Region, investing in innovative startups and tech-enabled SMEs based in the Maghreb region. Prior to joining SEAF in 2017, Meriem spent more than 15 years in private equity in Europe and Africa. From 2002 – 2009, Meriem acted as investment director at Montagu Private Equity, formerly HSPC Private Equity, in the pan-European MBO Investment Fund that had more than €4bn in AUM. This provided Meriem with extensive deal and structuring experience in various sectors across Europe, including media, food, health, distribution and the automotive industry. Beginning in 2010, Meriem served as Investment Director for an African Infrastructure Fund where she successfully raised and closed a pan-African infrastructure fund. Following her experience in private equity, Meriem became an entrepreneur and cofounded two companies in Morocco active in the agribusiness sector. Meriem is a President of the CGEM’s (the Moroccan employers’ organization) Commission in charge of startup and entrepreneurship private sector initiatives in the country. She also serves as an advisor for various development finance institutions, advising on their program design for the region. Meriem graduated from ESSEC Business School with an MSc in Management and a major in Finance.
Abdelouahid Benlamlih
Vice President
Abdelouahid Benlamlih serves as the Vice President of Investments on SEAF’s Morocco team, helping to managed SEAF Innovation Funds investing in innovative startups and tech-enabled SMEs in the MENA region. Prior to joining SEAF, Abdelouahid was an Investment Director in a leading private equity house in Morocco active in capital development and buyouts segment managing €75mn+ fund investing in high growth SMEs in the Maghreb Region. Abdelouahid has extensive deal experience investing in companies in various sectors such as construction, logistics, agriculture, healthcare, advertising & media, FMCG, consumer banking and IT hardware. Abdelouahid holds a Master of Science in Management with a major in Finance from HEC Paris. He also holds an Engineering Degree (MSc) in Computer Science from ENSIAS Engineering School in Morocco.
Sidi Mohammed Zakraoui
Vice President
Sidi Mohammed Zakraoui serves as the Vice President of Investments on SEAF’s Morocco team, helping to managed SEAF Innovation Funds investing in innovative startups and tech-enabled SMEs in the MENA region. Prior to joining SEAF, Sidi Mohammed was Portfolio Director at Endeavor, a major emerging markets focused high impact scale-up accelerator, where he identified over 1000, screened more than 300, and monitored and advised over 30 high growth scale-ups in segments such as fintech, cleantech, consumer internet, enterprise software & services, digital media & adtech and agribusiness. Additionally, Sidi Mohammed has experience in strategic advisory & technology consulting with BearingPoint in Paris and was involved in Digital Transformation MasterPlans and Cloud-based Greenfield Tech investments and deployments. Following his graduation, Sidi Mohammed co-founded two digital ventures: a pioneering mobile development and marketing company in France and a digital classifieds platform in Morocco. Sidi Mohammed graduated from EM Lyon with an MSc in Management and a major in Entrepreneurship & Innovation.