Tamwilcom’s Fonds Innov Invest has received the highest rating from the World Bank, almost 10 years after the programme was launched to support startups. The fund received a “Highly Satisfactory” rating, the highest level in the World Bank’s evaluation system.
Tamwilcom launched Fonds Innov Invest in 2017 with financial and technical support from the World Bank. The agency runs the programme for the Ministry of Economy and Finance.
Nearly 1,000 entrepreneurs have received support through the programme. More than 500 startups have also received funding, with over 590m dirhams ($59m) provided through grants, loans and investments.
The programme has also helped startups access equity funding. Four seed and venture capital funds were created through Innov Invest. They have invested more than 500m dirhams in around 40 startups.
The startups supported by the programme have also filed more than 40 patent applications, according to Tamwilcom.
Fonds Innov Invest was created to help innovative companies that often struggle to secure funding at an early stage. The programme provides both support and financing as startups develop.
Said Jabrani, director general of Tamwilcom, said: “The appreciation awarded by the World Bank recognises the work carried out around the programme and validates a model designed to bring financial solutions closer to the specific needs of Moroccan startups.”
Tamwilcom plans to continue supporting startups through its JOSSOUR 2030 strategy. The plan will also seek to improve links between public programmes supporting innovation and entrepreneurship.
The programme will work alongside Venture Building and Venture Capital initiatives launched by the Ministry of Digital Transition and Administration Reform. These programmes are part of the Digital Morocco 2030 strategy.
The aim is to support startups at different stages, from developing an idea to raising equity investment.
Tamwilcom presented the results of Fonds Innov Invest at a ceremony in Rabat on Thursday. Mohammed Tarik Bchir, director of the Treasury and External Finance, and Ahmadou Moustapha Ndiaye, the World Bank’s country director for the Maghreb and Malta, attended the event.
