Koolskools, a Morocco based education technology startup, has raised US$960,000 from Azur Innovation Fund through an equity investment. The startup is an educational platform that digitises interactive courses and study exercises including remediation processes. The funding is expected to be used to expand human, technical and marketing resources of the company. The stake acquired was not disclosed.
Azur Innovation Fund is a Moroccan based public-private seed fund which provides equity capital and quasi-equity financing for innovative start-ups in Morocco. The Fund has 350-million Moroccan dirhams (US$34-million) which aims to participate in a portfolio of startups which includes seed capital to companies with a concept or successful products or services, early stage capital for innovative products or services already in the market as well as venture capital funding. The Fund has partners such as the Bank of Africa (BMCE Group), Akwa Group, Credit Agricole du Maroc, CIH Bank, Saham Assurance and Anouar Invest.