Orange Fab, an accelerator run by telecoms giant Orange, has opened its first branch in Casablanca.
Orange Morocco has opened its first Orange Fab in Casablanca. Orange Fab is a startup accelerator and forms the third wing of the Orange Digital Center Morocco. Orange aims to support the startup sector in Morocco through a range of initiatives run through the Fab. According to the company, the Fab aims to find the most promising Moroccan businesses and support them in growing and running their operations.
Orange Fab: Helping the digital economy
At the official launch of the Orange Fab Morocco 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.”
Fintech and BlockChain
The first edition of Orange Fab Morocco has made its AGV High-Speed Accelerator program available to startups in two sectors: Firstly, FinTech, including paytech, regtech, cash management, crowdfunding, neobanking, etc., and secondly, BlockChain, including startups in the digital identification, internet of things, money transfers and payments, supply chain management and other sectors.
Startups that are selected for the AGV program will be able to establish commercial relationships with Orange Morocco as well as larger national or international enterprises.
Funding and expert support
The new initiative will be supported by two investment funds, Orange Ventures Africa, a branch of Orange Ventures, and the Swiss Digital Assets Institute (SDAI). SDAI has set aside EUR 100 million for investments in fintech and blockchain businesses. The two funds will finance the Fab’s first marketing campaign and will provide financial support and know-how to the selected startups as part of the initiatives attempts to support the selected businesses.
Orange Ventures is the Orange Group’s investment fund. Orange Ventures manages over EUR 350 million in assets and aims to support upcoming entrepreneurs and leaders in innovation. A recent example of Orange Ventures’ support to regional companies is the funding of Moroccan company Chari, which received USD 1 million in investment from the fund.
Moroccan firm BMCE Capital Investment recently created a USD 4.5 million fund that aims to support Moroccan startups at the Seed stage.