Moroccan venture capital firm EmTech Capital has secured a cornerstone investment from Proparco for its second fund. The new vehicle, EmergingTech Ventures Fund II, targets $60 million and has room to expand to $80 million. Proparco is the private sector arm of the French Development Agency (AFD).
The fund will focus on early-stage technology startups across four Francophone African markets. These are Morocco, Tunisia, Senegal, and Côte d’Ivoire. This marks a significant expansion for EmTech Capital. Its first fund raised $22 million and deployed capital primarily in Morocco.
Proparco made the investment through FISEA, an AFD Group fund that it manages. The institution acts as a cornerstone investor in the new vehicle. This backing validates EmTech Capital’s investment strategy and strengthens its ability to support entrepreneurs across the region.
What the Fund Targets
EmergingTech Ventures Fund II will invest in pre-Series A and Series A startups. These are companies that have moved beyond initial development and need capital to scale operations. The fund plans to back between 15 and 20 startups.
The investment focus covers several high-impact sectors. These include DeepTech, FinTech, Digital Services, HealthTech, EdTech, AgriTech, and CleanTech. This broad sector approach reflects the diverse opportunities emerging across Francophone Africa’s technology landscape.
Initial investment tickets range from 5 to 30 million Moroccan dirhams. This translates to roughly $500,000 to $3 million, providing meaningful growth capital for early-stage companies.
The Players Behind the Fund
EmTech Capital operates as an independent Moroccan fund management company. Three founders lead the firm. Meriem Zairi serves as Chief Executive Officer. Abdelouahid Benlamlih and Sidi Mohammed Zakraoui complete the founding team.
Zairi described the Proparco partnership as a major milestone for EmTech and the broader African technology ecosystem. She noted that support from a leading development finance institution validates their investment thesis.
Fabrice Perez heads Proparco’s Financial Institutions and Innovation Division. He said the partnership reflects Proparco’s ambition to support the next generation of digital entrepreneurs in Francophone Africa. He specifically highlighted Morocco as a highly dynamic market.
A Challenging but Promising Market
The African tech ecosystem faces a complex funding environment. Startups across the continent raised approximately $3.6 billion through more than 635 disclosed deals in 2025. This represents a decline from prior years.
Fund managers are also finding it harder to raise capital. Only 10 funds closed in 2025, worth around $500 million. This is less than half the amount raised the year before.
Despite these headwinds, Proparco remains active. The institution signed €2.5 billion worth of projects in 2025, including €924 million dedicated to the African private sector. Between 2022 and 2025, Proparco committed more than €4.6 billion to Africa.
This commitment to the region makes Proparco a significant player in African venture capital. The institution has supported major pan-African funds like TLCom and Partech. It has also invested directly in around 40 African startups.
Why This Fund Matters for Francophone Africa
Startups in Morocco, Tunisia, Senegal, and Côte d’Ivoire face specific challenges. Access to seed and Series A financing remains limited. Many promising companies struggle to find the growth capital they need to expand.
EmergingTech Ventures Fund II directly addresses this gap. By providing capital at a critical stage, the fund helps startups scale their operations, enter new markets, and develop new technologies.
The fund also strengthens the local venture capital ecosystem. Successful funds attract more institutional investors. This creates a virtuous cycle that benefits the entire startup community.
Morocco’s technology ecosystem has gained significant momentum in recent years. Public initiatives like the Mohammed VI Fund have strengthened this dynamic. EmTech Capital’s second fund builds on this foundation and extends its reach to neighbouring markets.
What Comes Next
EmTech Capital will now work to raise the remaining capital for the fund. The $60 million target provides substantial firepower for early-stage investments. The potential to expand to $80 million offers additional flexibility.
The firm will identify and back startups across its target sectors and countries. This process will take time as the team evaluates opportunities and selects the most promising companies.
For Proparco, this investment aligns with its broader strategy in Africa. The institution continues to support the development of vibrant technology ecosystems across the continent. Its commitment to EmTech Capital demonstrates confidence in the region’s entrepreneurial talent.
The partnership between EmTech Capital and Proparco sends a positive signal to the market. Despite funding challenges, quality funds with strong teams and clear strategies can still attract institutional backing. This should encourage other fund managers and entrepreneurs across Francophone Africa.
