EBRD launches ‘Star Venture’ Program to support Moroccan startups
The European Bank for Reconstruction and Development (EBRD) announced on Wednesday it has launched the second phase of its “Star Venture” program to support the growth of 8 Moroccan startups.
The program, financially supported by Korea, aims to identify high-potential startups and mobilize global expertise to help them develop rapidly, the EBRD said in a press release.
“Star Venture” has demonstrated its full potential by making a significant contribution to the growth and success of the five start-ups that participated in the program first phase, the press release said, citing the example of “Pipip Yallah” specialized in car-sharing, “Deepecho” in the field of artificial intelligence applied to healthcare, and “Weego”, specialized in sustainable mobility.
The startups achieved significant growth following the tailored 18-month support and resources provided under the program.
In the statement announcing the launch of the program, EBRD invites prospective startups to apply through their official website before September 24.
An expert panel will convene at an event hosted by the EBRD in early October to choose the eight startups that will join the second cohort.
“EBRD is proud to offer essential support to promising Moroccan startups and contribute to the sustainable economic development of Morocco,” the European bank said.
Currently deployed in the Southern and Eastern Mediterranean (SEMED) regions, including Morocco, as well as in the Western Balkans, Turkey, Bulgaria, Moldavia and Romania, the “Star Venture” program already supports over 350 early-stage companies worldwide.
Drawing on an international network of mentors, advisors, and investors, “Star Venture” offers personalized support to young companies for 18 months to help them unleash their full potential, while supporting gas pedals to strengthen the entrepreneurial ecosystem.
The primary aim of the program is to identify promising young companies, with a view to helping them improve their operational efficiency and foster rapid growth.
