48867 - Emtech

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Summary of Investment Information

Project Number

48867

Company Name

EmergingTech Ventures SA

Date SPI Disclosed

Jun 6, 2024

Country

North Africa and Horn of Africa Region

Region

Africa

Projected Board Date

Jul 5, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jun 4, 2026

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Apr 21, 2025
Signed : Apr 15, 2025
Invested : May 27, 2026

Sector

Venture Capital Fund

Project Description

IFC is considering an equity investment of up to US$4 million in EmergingTech Ventures Fund II (“Emtech II” of the “Fund”), a Moroccan domiciled early-stage VC fund targeting a first closing at US$40 million (MAD 400 million). The Fund is managed by EmergingTech Ventures SA (“Emtech” or the “Fund Manager”).

Associated Advisory Engagement

There are no Advisory Services engagements associated with this Project.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	4.0

Development Impact

The Fund will increase access to equity and operational value added for tech startups in Morocco and Tunisia. This will help scale innovative digital businesses and provide critical services and products across sectors. Via Fund II, Emtech will continue its value creation strategy from Fund I, while seeking a limited expansion beyond Morocco. Besides, the venture capital fund ecosystem in North Africa has very few good quality local fund managers that are concentrated in a handful of key markets, with most fund managers only one-to-two funds old. Developing locally based fund managers, backed by institutional capital, with the ability to support Pre-Series A and Series A activity will be critical to deepening the VC ecosystem in the region and providing a ramp for startups to obtain financing as they scale.

IFC's entry as the first global institutional investor will assist the Fund to attract new investors and reach its final close target of US$60 million (US$80 million hard-cap). IFC's support will send a signal of confidence to other potential investors. Additionally, IFC will help the fund manager to implement an improved Environmental and Social Management System (ESMS) in line with IFC's Environmental & Social standards, in turn improving standards at the investee level.

E&S Category Rationale / Risks and Mitigation

The project consists of a closed-end venture capital fund to be domiciled in Morocco. The Fund is targeting investments in companies active in Morocco and Tunisia as well as companies operating in Francophone Africa. The Fund targets investing in about 20 companies including Pre-Series A and Series A. The fund target sectors include: DeepTech, B2B & B2C, HealthTech, Fintech, EdTech, Agritech and Cybersecurity which are expected to have potential limited adverse environmental and/or social risks or impacts that are few in number, generally site specific, largely reversible, and can be readily addressed through mitigation measures. Therefore, the proposed project has been classified as a Category FI-2 project according to IFC Sustainability Policy. The key risks and impacts of the project derive from the Fund’s capacity to identify and manage potential E&S risks associated with its investment activities. These risks are typically associated with labor and working conditions, occupational health and safety, amongst others. As part of this project, the Fund will enhance its ESMS, and will develop a clearly defined mechanism to verify the use of proceeds in line with the eligibility criteria for this project. IFC’s investment will not be used to support any coal-related activities nor higher risk business activities that may include: (a) involuntary resettlement; (b) potential adverse impacts on Indigenous Peoples; (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage; or (d) significant occupational health and safety risks. The Fund will also be restricted from funding medium to high-risk financial intermediaries. IFC's applicable E&S requirements for this project will be to comply with the Exclusion List, the National E&S Laws in the countries where portfolio companies are located, and the IFC's Performance Standards (as applicable). The Bank will also be required to assess the labor risks associated with the GIG economy in its countries of operations.

The Fund developed a draft ESMS, including screening against the Exclusion List and E&S categorization, integration into investment decision making, E&S conditionalities in legal agreements and monitoring. The E&S responsibilities are assigned to the Compliance officer. As part of due diligence, the Fund undertakes screening against a list of excluded activities and uses an E&S Due Diligence Report template to identify the key risks and impacts and to assign an E&S category. The ESMS indicates that the due diligence outcome will be is summarized in the investment memo, including an E&S action plan, as applicable. Following the investment committee approval, E&S conditionalities are added to the legal agreement. The ESMS mentions an E&S monitoring portfolio companies at post-investment phase. As part of this project, the Fund is required to (i) officially appoint an E&S Officer, (ii) reinforce E&S training to staff on E&S matters directly relevant to VC funds and (iii) enhance and implement the ESMS, clearly articulating an E&S policy, indicating the scope and applicable requirements, developing stage appropriate E&S guidelines and checklists (early stage investment and follow-on) to consistently and effectively identify E&S risks, impacts and opportunities; developing a clear E&S monitoring process and toolbox, and including an external communication mechanism to receive and respond to E&S related queries and concerns. To support the implementation of the ESMS, IFC will review the first three E&S due diligence reports prior to the Fund’s investment. Additionally, the Fund is required to disclose Category B investments on a yearly basis, including their names, sectors, and locations.

Title	Anticipated Completion Date
Nominate E&S Officer	07/15/2024
Enhance ESMS	07/15/2024
Staff E&S Training	10/15/2024

Contacts

For Inquiries About the Project, Contact

EmergingTech Ventures Fund II
Meriem Zairi Tlemçani
Managing Partner
+212522940359
mzairi@emtechvc.com
10, rue El Jihani, 5e étage Casablanca
www.emtechvc.com

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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