(Ecofin Agency) - Moroccan private investment fund Al Mada recently announced the launch of Evergreen, "the largest venture capital fund fully owned by Africans."

The MAD1.1 billion (US$100 million) investment vehicle aims to finance high-potential start-ups with innovative projects in the financial, health, logistics, education, and renewable energy sectors. Its funds will primarily come from Moroccan institutions.

"As a century-old reference pan-African actor, Al Mada is delighted to bring its investment experience to young innovative entrepreneurs who are shaping the future of Africa. These start-ups will be able to draw on its solid expertise and that of its specialized venture capital teams," the fund said in a statement.

Before Evergreen, Al Mada had launched Al Mada Innovation, dedicated to the venture capital business. Omar Laalej, an AfricInvest alumnus, was appointed in February to head this venture capital arm.

Over the past five years, the volume of funds raised by African startups has risen significantly to nearly US$5 billion in 2021.  That volume was nevertheless just 1% of the overall venture capital investments worldwide.  

Therefore, through Evergreen, Al Mada plans to boost venture capital investments on the continent. The Fund will target Moroccan and African start-ups in which it will take minority stakes while facilitating their access to networks, strategic partnerships, and financial resources.

With a diversified investment portfolio, Al Mada is present in 24 African countries. It operates in 7 sectors of activity ranging from financial services to telecoms, real estate, and energy.

Chamberline MOKO