Moroccan startup accelerator, HSEVEN introduces three incubator Programs for African Entrepreneurs.
Moroccan startup accelerator HSEVEN, has introduced three incubation and acceleration programs to help African entrepreneurs build high-impact startups.
The three programs named “Rise-Up,” “Re-Start,” and “Disrupt” aim to speedily transform the African economy during the fourth technological and industrial revolution and also the COVID-19 pandemic.
Founder and CEO of HSEVEN, Amine Al-Hazzaz said, “It is time for entrepreneurs and startups of Morocco and Africa to transform our economies by focusing on new homegrown solutions in key impactful sectors: SharedEconomy, MedTech, EdTech, AgriTech, GreenTech, inclusive FinTech, and GovTech.”
The program target startups with two to five founders and in an early stage of conception which aims to impact Africa through innovative services, products, and business models.
“Rise-Up” and “Re-Start” programs will grant the selected entrepreneurs €18,000 as well as a forgivable loan €45,000 and an eventual €135,000 to €1.35 million non-guaranteed loans.
The Innov-Invest program of Morocco’s Central Guarantee Fund (CCG) in collaboration with the World Bank and the Central Popular Bank (BCP) of Morocco will provide these funds.
Furthermore, startups selected in the “Disrupt” program will benefit from a seed investment of €150,000 at the beginning of the program for 5% to 7% equity, then an eventual investment of €500,000 to €1.5 million at the end of the program.
Venture capital firms Azur Partners and Upline Alternative Investments will finance the selected projects, in collaboration with the Dutch Good Growth Fund’s (DGGF) Triple Jump program.
Applications for the programs will be open until June 30 on HSEVEN’s website.
Aside from funding, the selected startups and entrepreneurs will benefit from strategic advice and skills.
Selected entrepreneurs for the “Rise-Up” and “Re-Start” incubation programs will benefit from seven design sprints, 12 workshops, 24 mentoring sessions, 24 weekly sessions with HSEVEN’s team, and services worth $8,680 from Amazon Web Services.
On the other hand, startups selected for the “Disrupt” program will benefit from 15 workshops, 15 mentoring sessions, 15 working sessions with HSEVEN, and services worth $50,680 from Amazon Web Services.
Selected participants for the programs will spend the incubation period at the HSEVEN campus in the Marina of Casablanca.