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Proparco supports the tech ecosystem by investing in Moroccan Venture Capital Fund EmTech

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Proparco, through FISEA (an AFD Group fund managed by Proparco), has become a cornerstone investor in EmergingTech Ventures Fund II, an early-stage venture capital fund dedicated to high-potential technology startups operating in Morocco, Tunisia, Senegal, and Côte d’Ivoire.

Managed by EmTech Capital, an independent Moroccan fund management company founded by Meriem Zairi, Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui, the fund targets a size of USD 60 million, with the potential to expand to USD 80 million. It primarily invests in pre-Series A and Series A startups operating in high-impact sectors such as DeepTech, FinTech, Digital Services, HealthTech, EdTech, AgriTech, and CleanTech.


This new commitment aims to build on the momentum generated by EmTech’s first fund, which raised USD 22 million and was primarily deployed in Morocco. Through this second vehicle, EmTech intends to expand its geographic reach and deepen its support for startups with strong economic, social, and environmental impact potential.

We are delighted to support EmTech in launching its second fund, led by an experienced and committed local team. This partnership reflects our ambition to support the next generation of digital entrepreneurs in Francophone Africa, particularly in Morocco, a highly dynamic market, and to contribute to the development of a vibrant and inclusive technology ecosystem, in line with the many public initiatives launched by Morocco.

Fabrice Perez

  • Head of Financial Institutions and Innovation Division at Proparco

This partnership with Proparco and FISEA represents a major milestone for EmTech and for the Moroccan and African technology ecosystem as a whole. The support of a leading development finance institution validates our investment thesis and strengthens our ability to back the most ambitious entrepreneurs in Francophone Africa. We are proud to build this new chapter alongside partners who share our conviction that Africa is home to a new generation of talented entrepreneurs capable of creating high-impact companies with global reach.

Meriem Zairi Tlemçani

  • Chief Executive Officer of EmergingTech Ventures

In Morocco, the technology ecosystem is experiencing significant momentum, further strengthened by the initiatives driven by the Mohammed VI Fund. This partnership is part of that dynamic and aims to support the emergence of African technology champions.

Proparco’s commitment reflects its determination to strengthen local investment capabilities and address the financing needs of African startups, which remain largely underserved. The investment is expected to generate significant development impact, notably by improving access to seed and Series A financing for technology startups in these countries and by strengthening the venture capital ecosystem. By successfully establishing and operating the fund, the project aims to demonstrate the commercial viability of the venture capital model in the region, attract institutional investors, and pave the way for the creation of future funds.