Moroccan Venture Capital EmTech launches $60 million Africa tech fund with Proparco backing

Proparco, through FISEA, an investment vehicle of the AFD Group managed by Proparco, has committed as a cornerstone investor in EmergingTech Ventures Fund II, a new early-stage venture capital fund targeting high-growth technology startups across Morocco, Tunisia, Senegal, and Côte d’Ivoire.

The fund, managed by Moroccan investment firm EmTech Capital, is targeting $60 million at first close with capacity to expand to $80 million as additional investors join. The vehicle will focus primarily on pre-Series A and Series A companies operating across high-impact sectors including DeepTech, FinTech, Digital Services, HealthTech, EdTech, AgriTech, and CleanTech.

The investment marks a further push to deepen startup financing across Francophone Africa, where access to early-stage capital remains constrained despite rising entrepreneurial activity and growing institutional support.

Proparco deepens commitment to Africa’s venture capital ecosystem

Early-stage financing remains one of the most persistent constraints facing African startups despite increased global interest in the continent’s digital economy. Now, Morocco remains one of the region’s most dynamic innovation markets and continues to benefit from multiple public-sector initiatives designed to accelerate private investment and technology-led growth.

EmergingTech Ventures Fund II builds on EmTech Capital’s first investment vehicle, which raised $22 million and was deployed largely within Morocco. Through the second fund, EmTech aims to expand both geographically and strategically by backing startups with stronger regional scale potential and measurable economic, social, and environmental impact.

The fund is managed by EmTech Capital, an independent Moroccan fund management company founded by Meriem Zairi Tlemçani, Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui. Fabrice Perez, Head of Financial Institutions and Innovation Division at Proparco, said the investment aligns with the institution’s objective of supporting the next generation of digital entrepreneurs across Francophone Africa.

Expansion strategy targets underserved startup financing

EmergingTech Ventures Fund II will concentrate on startups at the pre-Series A and Series A stages, segments that continue to face capital shortages across much of Africa’s venture ecosystem.

The fund’s investment thesis centers on identifying scalable businesses operating in sectors expected to contribute to productivity gains and broader economic transformation.

Target sectors include DeepTech, FinTech, Digital Services, HealthTech, EdTech, AgriTech and CleanTech. By focusing on early-stage opportunities, EmTech intends to provide founders with growth capital before businesses reach later institutional funding rounds.

Meriem Zairi Tlemçani, Chief Executive Officer of EmergingTech Ventures, described Proparco and FISEA’s backing as a validation of the fund’s regional investment strategy and a signal of increasing confidence in African technology entrepreneurship. She said the partnership strengthens EmTech’s ability to support founders building scalable companies capable of competing beyond domestic markets.

Morocco’s technology ecosystem gains institutional momentum

The launch comes as Morocco continues to attract increased policy and institutional support for innovation and private capital formation. Recent initiatives linked to the Mohammed VI Investment Fund have sought to mobilize financing into strategic sectors while strengthening domestic investment infrastructure.

For venture capital managers, institutional anchor investors remain critical to attracting additional commitments from development finance institutions, family offices, and commercial investors. The expansion of locally managed capital pools is increasingly viewed as necessary to reduce dependence on foreign-led investment structures and strengthen regional startup ecosystems.

EmergingTech Ventures Fund II is expected to begin deploying capital across selected African markets as fundraising progresses. Its performance will be closely watched as investors assess whether regional venture capital platforms can consistently generate returns while supporting the next generation of African technology champions.