Between 2017 and 2019, FSVC successfully implemented the Gazelles al Maghrib program to help second-stage businesses in Morocco become high-growth companies or “Gazelles”. This program was funded with the U.S. State Department Middle East Partnership Initiative (MEPI), and implemented in partnership with the Moroccan company LixCap.

FSVC’s Gazelles al Maghrib program provided tailored capacity-building activities to 68 second-stage businesses, which included 120 one-on-one consultations and 80 workshops specifically designed to improve their access to finance and markets. As a result, these 68 businesses increased their revenue, making them “Gazelles”. Specifically, these businesses created 50 new jobs, acquired more than 200 new customers, and 44 of them received funding totaling more than US$3,500,000.

In addition, FSVC also worked with business incubators to improve their ability to identify and help local entrepreneurs. FSVC helped incubators strengthen their sourcing and selection procedures of entrepreneurs, adopt effective internal training and management tools, and provide effective training and capacity-building services to entrepreneurs.

FSVC also collaborated with two business incubators to create an online platform for high-growth entrepreneurs. FSVC developed a series of 15 videos that provide practical guidance to growth-oriented businesses on managing their growth.

Finally, FSVC partnered with the Moroccan private equity/venture capital association (PE/VC), AMIC, to encourage PE and VC funds to invest in Gazelles and small businesses. FSVC trained 13 PE and VC funds on how to make seed to early-stage investments, how to design tax-efficient fund structures, and how to negotiate fair investment terms and conditions with targeted entrepreneurs.


Program Impact

  • 68 businesses with Gazelles characteristics created
  • 50 direct new jobs created
  • 200 direct new customers acquired
  • US$3,500,000 in total funding raised by businesses
  • 11 business incubators strengthened
  • 13 private equity and venture capital funds trained in early-stage investment
  • 1 online platform launched with 15 videos providing guidance to growth-oriented businesses