Eight promising Moroccan businesses will have their growth spurred by the second phase of Star Venture, a program launched by EBRD.
Eight promising Moroccan businesses will have their growth spurred by the second phase of Star Venture, a program launched by the European Bank for Reconstruction and Development (EBRD).
The EBRD’s Star Venture program, which has financial backing from the Republic of Korea, attempts to find and assist high-potential entrepreneurs by providing knowledge and resources.
The carpooling business Pipip Yallah, the healthcare-focused Deepecho, and the startup for sustainable transportation Weego were among the notable success stories of the program’s inaugural cohort that were highlighted by the EBRD upon the announcement of its debut.
Following the specialized 18-month assistance and resources offered under the program, the startups saw substantial development.
The South and East Mediterranean (SEMED), which includes Morocco, as well as the Western Balkans, Turkey, Bulgaria, Moldova, and Romania are among the locations where Star Venture is active. Over 350 early-stage businesses are now supported internationally.
The program gives the participant access to a huge network of investors, consultants, and mentors that offer tailored advice to start-up companies over a lengthy 18-month period.
The program’s main goal is to identify and assist potential companies, improving their operational effectiveness and promoting quick growth.
In a press release announcing the program’s inception, the EBRD invited interested businesses to submit an application by September 24 on their official website.
The eight businesses that will be a part of the second cohort will be chosen by an expert panel during an event the EBRD is hosting in early October.
In a statement, the European bank stated that it was “proud to provide critical support to promising Moroccan startups and contribute to the sustainable economic development of Morocco.”
An international financial organization called the European Bank for Reconstruction and Development (EBRD) was established in 1991 with an emphasis on multilateral developmental investment to create market economies.
Initially concentrated on nations that had been a part of the Eastern Bloc, it now aids in the development of over 30 Central European and Central Asian nations. The EBRD makes investments in private companies and business partners and is owned by 71 nations and two institutions of the European Union.