On February 22, Orange Morocco opened its first Orange Fab in Casablanca. It is a startup accelerator and the third part of Orange Digital Center Morocco.
By opening its first Orange Fab in Morocco, the operator hopes to add to the startup scene’s positive energy there.
The main goal of the new organization will be to find the most promising new businesses and give them the help they need to grow and run well.
During the official launch of the platform, Hendrik Kasteel, CEO of Orange Morocco, said, “We are happy to be a player that helps the digital economy grow in the Kingdom by supporting entrepreneurial initiatives and innovation.”
For this first edition, Orange Fab Morocco has made the AGV (High-Speed Accelerator) program for startups in the FinTech (Paytech, Regtech, Cash management, Crowdfunding, Neobanking, etc.) and BlockChain (Digital Identification, Internet of Things, money transfers and payments, supply chain management, etc.) sectors.
The goal is for these businesses to be able to establish commercial relationships with Orange Morocco as well as larger national or international enterprises.
The first Orange Fab Morocco marketing campaign will be paid for by two important investment funds. Orange Ventures Africa, a branch of Orange Ventures, has set aside 50 million euros for African start-ups. The Swiss Digital Assets Institute (SDAI) has put aside 100 million euros for FinTech and BlockChain businesses.
The two partners will provide financial and know-how support to the selected startups for them to be successful in the current economic environment.
It’s important to note that the Orange Group helps with money through its Orange Ventures investment fund, which manages more than 350 million euros in assets. The goal is to support the next world leaders in innovation, like the Moroccan company “Chari,” which just got a $1 million investment.