The European Bank for Reconstruction and Development (EBRD) announced, on August 23, the launch of the second cohort of its “Star Venture” program to boost eight Moroccan startups.
The European bank said in a communiqué that with financial support from the Republic of Korea, the Star Venture program aims to identify high-potential start-ups and mobilize global expertise to help them develop rapidly.
ERBD also noted that “Star Venture” has demonstrated its full potential by significantly contributing to the growth and success of the five start-ups that took part in the first cohort, citing several startups, notably “Pipip Yallah” which specializes in car-sharing, “Deepecho” in the field of artificial intelligence applied to healthcare, and “Weego” which specializes in sustainable mobility, adding that these startups have distinguished themselves by achieving remarkable performances thanks to the personalized 18-month support and resources that the program provides.
Currently operating in the Southern and Eastern Mediterranean (SEMED) regions, including Morocco, as well as in the Western Balkans, Turkey, Bulgaria, Moldavia, and Romania, the Star Venture program supports over three hundred and fifty early-stage companies worldwide.
Drawing on an international network of mentors, advisors, and investors, the “Star Venture” program offers personalized support to novice companies for 18 months to help them achieve their full potential while supporting business boosters to strengthen the entrepreneurial ecosystem.
The primary aim of the “Star Venture” program is to identify promising young companies, help them improve their operational efficiency, and foster rapid growth through a combination of workshops, mentoring, and tailor-made technical assistance to help these companies overcome the challenges associated with their expansion. In addition, the program helps solve one of the major obstacles often faced by startups, which is access to funding.
Selected startups will be introduced to a network of international investors with a strategic interest in early-stage companies through several pitching events, which will facilitate their fundraising and expansion.
The European Bank for Reconstruction and Development (EBRD) calls on Moroccan startups interested in this program to submit their applications before September 24 via its website at www.ebrd.com/starventure/overview.
A jury of experts will meet at an event organized by EBRD in early October to select the eight startups who will join this second cohort, which will give them access to an intensive support program that offers international expertise in the companies’ respective fields.
“EBRD is proud to provide critical support to promising Moroccan startups and contribute to Morocco’s sustainable economic development,” affirmed the banking institution.
The European Bank for Reconstruction and Development (EBRD) concluded that through “Star Venture,” the bank plays an active role in promoting innovation, entrepreneurship, and economic growth.