The investment makes Proparco one of the key backers of the venture capital fund, which is managed by Moroccan investment firm EmTech Capital.

The firm was founded by Meriem Zairi Tlemçani, Abdelouahid Benlamlih, and Sidi Mohammed Zakraoui and focuses on supporting technology-driven businesses across Africa.

EmergingTech Ventures Fund II is seeking to raise $60 million, with the possibility of increasing the fund size to $80 million.

The fund will primarily target startups at the pre-Series A and Series A stages, providing growth capital to companies that have moved beyond the idea phase and are beginning to scale their operations.

The fund’s investment focus includes deeptech, fintech, digital services, healthtech, edtech, agritech, and cleantech.

The latest fund builds on the experience of EmergingTech Ventures’ first vehicle, which raised about $22 million and concentrated most of its investments in Morocco.

That fund backed startups operating in sectors such as fintech, agritech, healthtech, biotechnology, and cybersecurity, helping establish the firm as one of Morocco’s notable early-stage investors.

The announcement comes at a time when venture capital activity in Francophone Africa remains relatively underdeveloped compared to larger startup markets such as Nigeria, Kenya, Egypt, and South Africa.

Access to early-stage funding continues to be a challenge for many founders in North and West Africa, particularly companies seeking capital between seed and growth stages.

Fabrice Perez, Head of the Financial Institutions and Innovation Division at Proparco, said the institution sees significant potential in the region’s emerging technology sector.

“We are delighted to support EmTech in launching its second fund, led by an experienced and committed local team. This partnership reflects our ambition to support the next generation of digital entrepreneurs in Francophone Africa, particularly in Morocco, a highly dynamic market, and to contribute to the development of a vibrant and inclusive technology ecosystem, in line with the many public initiatives launched by Morocco,” Perez said.

According to Proparco, the partnership aligns with its broader strategy of supporting entrepreneurship, innovation, and job creation across developing markets.

Meriem Zairi Tlemçani, Chief Executive Officer of EmergingTech Ventures, described the commitment as an important milestone for both the firm and the wider African technology ecosystem.

“This partnership with Proparco and FISEA represents a major milestone for EmTech and for the Moroccan and African technology ecosystem as a whole. The support of a leading development finance institution validates our investment thesis and strengthens our ability to back the most ambitious entrepreneurs in Francophone Africa,” she said.

“We are proud to build this new chapter alongside partners who share our conviction that Africa is home to a new generation of talented entrepreneurs capable of creating high-impact companies with global reach.”

EmergingTech Ventures has been steadily expanding its regional ambitions beyond Morocco.

Fund II is expected to invest across North Africa and Francophone West Africa, supporting startups that are developing solutions to challenges in financial inclusion, healthcare access, education, agriculture, climate resilience, and digital transformation.

The firm has previously stated that it aims to help promising companies grow into regional technology leaders while contributing to job creation and economic development.