Proparco Backs EmergingTech Ventures Fund II to Scale Startup Investment in Francophone Africa

Proparco, through FISEA (an AFD Group fund managed by Proparco), has become a cornerstone investor in EmergingTech Ventures Fund II, a Morocco-based early-stage venture capital vehicle targeting technology startups in Morocco, Tunisia, Senegal and Côte d’Ivoire. The fund, managed by EmTech Capital, is targeting a size of USD 60 million with the potential to expand to USD 80 million, and will prioritise pre-Series A and Series A investments across DeepTech, FinTech, Digital Services, HealthTech, EdTech, AgriTech and CleanTech.

“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,” said Fabrice Perez, Head of Financial Institutions and Innovation Division, Proparco.

The second fund aims to build on EmTech’s initial vehicle, which raised USD 22 million and was primarily deployed in Morocco. EmTech Capital — an independent Moroccan fund management company founded by Meriem Zairi, Abdelouahid Benlamlih and Sidi Mohammed Zakraoui — is positioning Fund II to expand geographic reach beyond Morocco and deepen support for startups that demonstrate strong economic, social and environmental impact potential.

“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,” said Meriem Zairi Tlemçani, Chief Executive Officer, EmergingTech Ventures.

Fund focus and expected impact

• Geographic scope: Morocco, Tunisia, Senegal, Côte d’Ivoire.
• Target fund size: USD 60 million, with potential to increase to USD 80 million.
• Investment stage: Primarily pre-Series A and Series A rounds.
• Priority sectors: DeepTech, FinTech, Digital Services, HealthTech, EdTech, AgriTech, CleanTech.
• Founding team: Meriem Zairi, Abdelouahid Benlamlih, Sidi Mohammed Zakraoui (EmTech Capital).

Proparco’s commitment via FISEA is framed as part of a strategy to strengthen local investment capabilities and address a persistent financing gap for African startups at seed and Series A stages. Backing Fund II is expected to improve access to early growth capital for technology companies in the covered markets and to help demonstrate the commercial viability of venture capital in the region — a step intended to attract further institutional investors.

Outlook

If EmTech Capital reaches its USD 60–80 million target and successfully deploys capital across its priority markets, the fund could deepen venture activity in Francophone Africa and create follow-on opportunities for both entrepreneurs and investors. The managers and investors highlight an ambition to show that a locally led fund can both generate returns and deliver development impact by strengthening startups that have the potential to scale regionally and beyond.