French Proparco Backs EmTech Capital’s $60 Million Africa Tech Fund

Proparco, through its FISEA vehicle managed on behalf of the Agence Française de Développement (AFD) group, has become a key investor in EmergingTech Ventures Fund II, an early-stage venture capital fund targeting high-potential technology startups across Morocco, Tunisia, Senegal, and Ivory Coast.

The fund, managed by EmTech Capital — an independent Moroccan firm founded by Meriem Zairi Tlemçani, Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui — is targeting $60 million and may expand up to $80 million. It will focus on pre-Series A and Series A investments in sectors including DeepTech, FinTech, digital services, HealthTech, EdTech, AgriTech, and CleanTech.

The new vehicle builds on the momentum of EmTech’s debut $22 million fund, which was primarily deployed in Morocco. With Fund II, the firm plans to broaden its geographic footprint across Francophone Africa while continuing to back startups with strong economic, social, and environmental impact.

“We are pleased to support EmTech in the launch of its second fund, led by an experienced and committed local team,” said Fabrice Perez, Head of the Financial Institutions and Innovation Division at Proparco. “This partnership reflects our commitment to supporting the next generation of digital entrepreneurs in Francophone Africa, particularly in Morocco, a particularly dynamic market.”

Meriem Zairi Tlemçani, CEO of EmergingTech Ventures, described the Proparco commitment as “a pivotal moment” for both EmTech and the broader Moroccan and African tech ecosystem. “The support of a leading development finance institution validates our investment thesis and strengthens our ability to support the most ambitious entrepreneurs in Francophone Africa,” she said.

The investment comes as Morocco’s technology sector experiences rapid growth, supported by public initiatives including the Mohammed VI Fund. Proparco said the commitment aims to strengthen local venture capital capacity, address the persistent financing gap for African startups, and demonstrate the viability of the VC model in the region to attract further institutional capital.