MNF Ventures
- Company typePrivate
- Founded2010
- HeadquartersCasablanca, Morocco
- Headcount1–10
- GTM typeB2B
- OfferingServices
MNF Ventures firmographics
Firmographics- Name
- MNF Ventures
- Legal name
- MNF Ventures
- Website
- https://mnf.ma
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Ownership category
- akta.pro rank
MNF Ventures industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Impact Investment & Development Investment Funds (BPADACAO)
Keywords
Where MNF Ventures is headquartered
LocationHeadquarters
- HQ city
- Casablanca
- HQ country
- Morocco
- HQ region
- Africa
Offices1 record
Markets served
MNF Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Fund Management / Carry and Management Fees: MNF Ventures generates revenue through management fees on AUM and carried interest (carry) on fund returns. The fund has managed +250 MDH across two funds (MNF I launched in 2010, MNF II successor fund). Revenue is derived from institutional LP commitments including Tamwilcom, Attijariwafa Bank, Chaabi Capital Investissement, BMCE Bank of Africa, and MITC.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
MNF Ventures product offering
Product offeringCore offering
MNF Ventures is a Moroccan venture capital firm that invests in seed, pre-Series A, and Series A technology startups, primarily based in Morocco or founded by the Moroccan diaspora worldwide. The firm manages two institutional VC funds — Maroc Numeric Fund I (2010–2016) and Maroc Numeric Fund II (active since 2016) — plus the MNF Angels program, deploying tickets of 1 to 10 MDH (approximately 100k to 1 million USD) per investment across verticals including Fintech, EdTech, PropTech, RetailTech, AI, SaaS, Cybersecurity, and Mobility.
Product overview
MNF Ventures is a Moroccan venture capital firm offering investment vehicles rather than a traditional product portfolio. Its core offerings are two VC funds — Maroc Numeric Fund I (MNF I, 2010–2016) and Maroc Numeric Fund II (MNF II, active) — along with a supplemental MNF Angels angel program. MNF II invests in Moroccan tech startups and diaspora-founded startups at seed, pre-Series A, and Series A stages across verticals including Fintech, EdTech, PropTech, RetailTech, AI, SaaS, Cybersecurity, and Mobility. The firm's portfolio companies include ZSystems, CleanMob, Upfund, Logidoo, Agenz, Cypherleak, Damanesign, Atlan Space, KoolSkools, Education Media Company, OnePay, Livremoi, Manageo, Peaqock Financials, Elbotola, YallaXash, and Aza Petrosolutions.
Differentiator
Problem solved
Functional benefit
Brands
- Maroc Numeric Fund I (MNF I): First venture capital fund launched in 2010 for Moroccan tech startups
- Maroc Numeric Fund II (MNF II)
- MNF Angels
Products and services
- Maroc Numeric Fund I (MNF I) The first venture capital fund managed by MNF Ventures, investing in Moroccan technology startups across various sectors. MNF I made 17 investments before reaching the end of its investment period in 2016.
- Maroc Numeric Fund II (MNF II) The active second VC fund managed by MNF Ventures, created under the Innov Invest program launched by Tamwilcom. Shareholders include Tamwilcom, Attijariwafa Bank, Chaabi Capital Investissement, BMCE Bank of Africa, and MITC. MNF II invests in Moroccan-based startups and Moroccan diaspora startups worldwide at seed, pre-Series A, and Series A stages with tickets of 1–10 MDH (100k–1M USD).
- MNF Angels An angel investment program launched in partnership with OCP Entrepreneurship Network, enabling smaller ticket investments alongside the main MNF VC funds for Moroccan tech startups.
Quantifiable outcome
- 30+ technology startups financed across Morocco and diaspora
- +2 more outcomes
Companies that use MNF Ventures
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
MNF Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
MNF Ventures partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered infrastructure partner, network partner, acquisition target and core / flagship.
- Amazon Web Services (AWS)infrastructure partnerAmazon Web Services provides cloud infrastructure and scaling support to ZSystems as part of the EBRD Star Venture program backing. AWS infrastructure enables ZSystems to scale its platform operations across Morocco.
- Harambeansnetwork partnerHarambeans is a network of entrepreneurs and investors. ZSystems founder Meriem Benabad is a Harambeans member, and Harambeans Prosperity Fund invested in ZSystems' April 2026 seed round, marking the first international institutional investor.
- Kamtaracquisition targetLogidoo, a MNF II portfolio company, completed the majority acquisition of Kamtar in October 2025. Kamtar is a pioneer in digital road transport in West Africa. The acquisition strengthens Logidoo's presence on the Dakar-Abidjan and Casablanca-Dakar corridors, and extends its footprint in long-distance transport.
- Morocco Ministry of Industry and Tradecore / flagshipMorocco's Ministry of Industry and Trade officially designated ZSystems in September 2025 as the national digital intermediation platform for distribution under the 'Commerce 2030' strategy, granting a formal mandate to digitally connect 50,000 retailers by 2030. This government-backed mandate positions ZSystems as a structural component of Morocco's national retail modernization agenda.
Scale indicators14 records
Recent moves7 records
Expansion highlights6 records
MNF Ventures competitors and assessment
Company assessmentDirect peers
- Saviu Ventures: Moroccan VC focused on early-stage startups. Direct peer — same Moroccan seed/Series A market, co-led Agenz's $5M Series A with MNF Ventures in the syndicate.
- Witamax: Morocco's first private-backed VC focused on pre-seed high-growth tech investments. Direct peer — same Moroccan market, same early-stage thesis, and frequent co-investor with MNF Ventures (e.g., ZSystems rounds).
- Azur Innovation Fund: Public-private seed fund under Morocco's Innov Invest program providing capital and quasi-equity for innovative startups. Direct peer — operates in the same Moroccan early-stage ecosystem, frequently co-invests with MNF (ZSystems, Agenz, KoolSkools), and competes for the same deal flow.
- Kalys Ventures: Moroccan VC backing innovative startups founded by entrepreneurs with expertise across Francophone Africa, MENA, and the Moroccan diaspora. Direct peer — same geographic focus, same early-stage thesis, and co-investor in ZSystems' pre-seed round.
- Attijariwafa Ventures: Corporate venture arm of Morocco's Attijariwafa Bank group. Direct peer — institutional Moroccan CVC with overlapping portfolio (Agenz co-led with MNF) and overlapping LP/customer relationship since Attijariwafa Bank is an MNF II shareholder.
- Cash Plus Ventures: Venture arm of Cash Plus, investing in businesses driving digital and financial innovation in Morocco and Africa. Direct peer — Moroccan VC operating in the same fintech/digital ecosystem, co-investor in ZSystems' pre-seed round.
Broad incumbents
- CDG Invest: Investment arm of CDG Group, one of Morocco's largest institutional investors. Broad incumbent — larger institutional capital pool, broader sector mandate, co-investor in Upfund's €1.3M round alongside MNF Ventures.
- Bpifrance: French public investment bank supporting French startups. Broad incumbent — much larger scale, co-investor in Upfund's €1.3M round alongside MNF Ventures (MNF II), illustrating MNF's ability to syndicate with top-tier institutional investors.
- Partech: Global VC firm with significant Africa-focused fund presence. Broad incumbent — competes with MNF for the largest African tech rounds, but operates at meaningfully larger AUM scale and broader geographic mandate.
Emerging players
- Breega: European VC with a focus on African tech startups. Emerging player — frequently co-invests with MNF Ventures (co-led Agenz's $5M round), signaling cross-border capital partnership but operating at larger scale and pan-African scope.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
MNF Ventures social profiles
Digital presenceMNF Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
MNF Ventures leadership team
Management profileNumber of profiles
Profiles2 records
MNF Ventures subsidiaries and ownership
Company hierarchySubsidiaries3 records
MNF Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MNF Ventures M&A and investment
M&A and investmentM&A
Investments30 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MNF Ventures
What does MNF Ventures do?
MNF Ventures is a Moroccan venture capital firm that invests in seed, pre-Series A, and Series A technology startups, primarily based in Morocco or founded by the Moroccan diaspora worldwide. The firm manages two institutional VC funds — Maroc Numeric Fund I (2010–2016) and Maroc Numeric Fund II (active since 2016) — plus the MNF Angels program, deploying tickets of 1 to 10 MDH (approximately 100k to 1 million USD) per investment across verticals including Fintech, EdTech, PropTech, RetailTech, AI, SaaS, Cybersecurity, and Mobility.
Is MNF Ventures a public or private company?
MNF Ventures is a private company. It is classified as corporate owned and is currently operating.
When was MNF Ventures founded?
MNF Ventures was founded in 2010. It employs 1 to 10 people.
Where is MNF Ventures based?
MNF Ventures is headquartered in Casablanca, Morocco, in the Africa region.
How does MNF Ventures make money?
One revenue line is on record: fund Management / Carry and Management Fees.
Who are MNF Ventures's main competitors?
Direct peers on record are Saviu Ventures, Witamax, Azur Innovation Fund, Kalys Ventures, Attijariwafa Ventures and Cash Plus Ventures. Broad incumbents are CDG Invest, Bpifrance and Partech. Breega is listed as an emerging player.
Does MNF Ventures have an API?
No public API is recorded for MNF Ventures.
What industry is MNF Ventures in?
MNF Ventures's product category is Venture Capital. Its primary akta.pro industry code is BPADACAO, Impact Investment & Development Investment Funds. Its NAICS code is 523940 and its SIC code is 6199.