22 Nov SEAF Announces La Caisse Marocaine des Retraites as a New Investor in the SEAF Morocco Growth Fund Supporting Startups and Innovation in Morocco
November 15th, 2019 – Casablanca, Morocco – The SEAF Morocco Growth Fund (SMGF) is pleased to announce Caisse Marocaine des Retraites (CMR) as a new institutional investor. The Moroccan public pension group joins the Moroccan credit institution La Caisse Centrale de Garantie, BMCE Bank, USAID (Wise Venture Capital) and SEAF as shareholders in the Fund.
SEAF Morocco Growth Fund is an investment fund regulated by the Moroccan Capital Market Authority (MCCA) under the designation of an asset manager that seeks to invest in seed and early-stage start-ups with high-growth potential and a focus on the Moroccan and/or international market. The Fund was created as part of Caisse Centrale de Garantie’s “Innov Invest Fund (IFI)” to promote innovative entrepreneurship. SMGF is managed by SEAF Morocco Capital Partners, the MCCA-regulated subsidiary of SEAF in Morocco.
“We are pleased to welcome the Caisse Marocaine des Retraites as a new investor, which will successfully crown the investments made by the fund to date. We view this investment as a reaffirmation of our investors’ confidence in our strategy and the added value that this Fund brings to the entrepreneurial ecosystem,” stated Meriem Zairi, SEAF’s MENA Regional Director and Managing Director of the SMGF Fund.
Mr. Lotfi Boujendar, Director of CMR, commented that “As an institutional investor, the Caisse Marocaine des Retraites is in the process of adjusting its investment strategy for the reserve funds it manages. Indeed, in a financial market context marked by a sharp decline in bond yields, it was necessary to seek other investment alternatives so that we could further improve the return on our investments.
“We believe, with conviction, that the venture capital market today offers more attractive returns and a real opportunity for institutional investors to contribute to the development and growth of our economy. It is in this spirit that the investment in this Fund takes place. Promoting innovative entrepreneurship under the guarantee of the CCG and in association with a prestigious group such as SEAF affirmed our decision to join the Fund.”
Launched in September 2018, the SMGF seeks to fill the gap in financing for startups and innovation in Morocco and serve as a catalyst for the country’s entrepreneurial ecosystem. The investment and technical assistance provided by the Fund aims to improve the rate at which entrepreneurs successfully create businesses and to accelerate the expansion of innovative companies.
One year after its launch, the Fund has completed three investments in startups at the forefront of their industries: 3Dental, a healthtech company specialized in digital dentistry; eDukaty, an Edtech company specializing in virtual classes; and SOS Credit IMMO, the country’s first free and 100% online real estate credit broker. SMGF plans to announce two new investments in the fintech and agritech sectors before the end of 2019.
SEAF is a global fund management company headquartered in Washington, D.C. that invests in and provides technical assistance to small and medium-sized enterprises in emerging and frontier markets, seeking both financial returns and social and environmental impact. With committed capital of $1.2 billion, SEAF has more than 30 years of experience with 40 funds in over 30 countries. SEAF also supports 11 Centers for Entrepreneurship and Development (CEED) around the world (www.ceed-global.org), providing training, mentoring, professional networks and global access to entrepreneur-run businesses. For more about SEAF, see www.seaf.com. ###