Nawfal Fassi-Fihri: «The investment momentum is accelerating»

Initiated by CDG Invest, the investment branch of CDG, 212Founders provides tailored financing and support to foster startup growth and their internationalization. Launched in September 2019, the program strongly contributes to the development of the Moroccan entrepreneurial ecosystem and counts about a hundred startups supported. An overview of the program with the managing director.

Since its launch, 212Founders has continuously supported startups. What is your assessment of 2024?


The year 2024 marked a new stage in the growth of our program. We integrated many new startups, bringing the total number of projects supported since our launch to over 135, of which 24 benefited from investment.
The investment momentum of 212Founders is accelerating. Since 2019, we have invested more than 125 million dirhams in startups, with a significant share realized in 2024. These investments are beginning to bear fruit, and we have completed two exits. This achievement reflects the positive momentum underway. Among the startups that joined our portfolio in 2024 is PayTic, an innovative fintech specializing in optimizing payment back-office operations. From its inception, PayTic has established itself as a key player in its sector by leveraging Moroccan technological and payment expertise to accelerate its development.

There is also VelyVelo, a comprehensive mobility solution for last-mile delivery providers, including customizable e-bikes and e-cargos, with ergonomic e-vehicles for couriers.
Finally, Mycophyto is a pioneering startup aiming to improve agricultural yields and promote sustainable farming by encouraging biostimulants and reducing chemical fertilizer use.

What are the selection criteria for the startups you support?

We carefully select high-potential entrepreneurs with projects capable of shining in Morocco and beyond. Our criteria rest on several pillars: innovation and scalability. The project must offer a technological solution with strong expansion potential and an international ambition from the start. Another pillar is concrete initial results—meaning a functional product/service and initial market traction are essential to validate product interest. Then, a solid and committed team is crucial. Complementarity, expertise, and founder involvement are decisive to ensure rapid and effective project execution. Added to this is the strategic link with Morocco: whether through location, target market, or regional ambition, projects must contribute to making Morocco a true innovation hub.
We primarily seek to create local value while paving the way for global expansion.

Beyond financing, what does the program offer young startup founders?

Far beyond simple financing, our program offers comprehensive support structured around several levers, including personalized mentoring: each startup is closely followed by a dedicated and experienced support team that helps it overcome key stages and deploy its strategy; access to advanced expertise: our startups gain access to a network of experts, seasoned entrepreneurs, and operational profiles (part-time CFOs, sector specialists…) to benefit from personalized advice, targeted mentoring sessions, and best practices from top international ecosystems; and accelerated growth: our startups are supported in their commercial development, with privileged access to clients, strategic partners, and group subsidiaries to foster local and international expansion.

The support program also relies on access to financing. Our startups receive assistance in preparing additional fundraising and are connected to our network of co-investors, venture capital funds, and business angels; access to Station F: we offer access to stimulating environments, including Station F in Paris, allowing founders to evolve at the heart of the international tech ecosystem; and administrative and legal support. We facilitate complex procedures through a network of trusted partners so entrepreneurs can focus on what matters: developing their project.

We build a conducive framework for success, designed to support each startup from acceleration to internationalization.

The 212Founders program has opened up internationally. What justifies this strategy?

From the start, our ambition was clear: to create world-class startups from Morocco. For this, international openness naturally became a strategy.
Thanks to our anchoring in both Morocco and France, we offer entrepreneurs a direct bridge to global ecosystems. This unique positioning allows them to benefit from international networks of investors, partners, and clients. Today, more than 40 foreign co-investors already trust us, a strong sign of the growing attractiveness of the startups we support.
To further contribute to the internationalization of the Moroccan ecosystem, we will soon announce new offers specifically for Moroccan startups wishing to internationalize, as well as offers for international startups considering setting up in Morocco.

How do you assess the level of Moroccan startups compared to their foreign competitors?


We are particularly proud of the level reached by Moroccan startups in recent years. They show creativity, admirable resilience, and tackle demanding markets in advanced fields such as fintech, healthtech, and agrotech.
Their rise is also reflected in growing international investor interest. Many succeed in raising funds abroad and entering new markets, proving their value proposition is globally competitive. Although the local ecosystem is still young, it is progressing rapidly, driven by a generation of ambitious entrepreneurs determined to establish themselves internationally. To fully realize this potential, it is essential to structure a support and financing environment commensurate with their ambitions.

Overall, how do you evaluate the startup ecosystem in Morocco and what are the obstacles to their development?


In a few years, the Moroccan startup ecosystem has undergone remarkable transformation. Just five or six years ago, the startup concept was still little known, support structures and VC funds were rare. Today, the country has a dynamic tech scene fueled by a new generation of entrepreneurs and supported by proactive public and private initiatives.
However, several obstacles remain. The Moroccan market size is still small and requires rapid internationalization. Access to financing, especially for significant fundraisings (Series A and beyond), remains limited locally. Moreover, the regulatory framework, still complex in some sectors, sometimes slows down creation and expansion processes. In sum, the Moroccan ecosystem is expanding and structuring. While challenges are real, the collective momentum underway promises a bright future for innovation and entrepreneurship in Morocco.