2 Moroccan startups raise funding worth $417k each

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Moroccan startups OnePay and Koolskools have each raised MAD4 million (US$417,000) in funding from MITC Capital’s Maroc Numeric Fund II.

Launched in 2010 by MITC Capital, the Maroc Numeric Fund is a fund focused on technology startups in Morocco, which aside from capital also provides its portfolio companies with advisory and support services.

The company has just made the first two investments from its second fund – the Maroc Numeric Fund II – and its 18th and 19th overall taking into account the investments made by the Maroc Numeric Fund I, which is now in a divestment phase.

The first investee is OnePay, a fintech startup that operates as a distributor of means of payment and aggregator of payment and value-added services in electronic transactions. The startup will use the funds to invest in technical, marketing and commercial resources in order to extend its user base in Morocco.

“The management team of the fund is proud to accompany OnePay startup which has a strong growth potential in Morocco and on the African continent, by responding to the major issue of financial inclusion through the expansion of access to financial services,” said Dounia Boumehdi, managing director of MITC Capital.

The second investee is Koolskools, which has raised MAD3 million (US$313,000) from the fund as well as an additional MAD1 million (US$104,000) from a business angel. The ed-tech startup has developed a collaborative learning platform that responds to pedagogical requirements by digitising processes. The platform also offers digital management of a school’s day-to-day operations.

Currently serving more than 30 major schools, including nearly 20,000 students and more than 700 teachers, across various cities in Morocco, Koolskools aims to cover all regions of the country and reach at least 100,000 students in the next two to three years.

“The fund management team is proud to support the Koolskools project, which is intended to be a complete technological platform for schools, and whose positioning has been fully confirmed during the COVID-19 crisis,” said Boumehdi.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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