MOROCCO – Hob feel goods, a fashion startup, has secured DH 200,000 (US$22,000) from the INNOV INVES fund to develop its brand.
The brand, which was born out of a personal need, is built on the eco-principles of its co-founders Hind Bennis and Samia Benjelloun.
For them, Hob feel goods concept combines Moroccan aesthetic and artisanal heritage, baby comfort, ergonomics, and material conformity.
The brand encourages the use of scraps of materials obtained from clothing companies by the two entrepreneurs, which they visually enhance by adding artisanal elements or combining them with vegetable tanned leather for the creation of slippers.
The Made in Morocco sole, produced in collaboration with a local supplier, is undoubtedly the slippers’ greatest innovation.
Thanks to a collaboration between the Moroccan Denim & Fashion Cluster and R&D Maroc (in the identification and orientation of startups), Hob feel goods is today the first Moroccan fashion startup to benefit from the program of support and financing of start-ups and innovation, supported by the Caisse Centrale de Garantie (CCG).
The “Hob feel goods” startup aims to increase its production capacity and orient it more towards Export, as for the premium received it will be dedicated to the improvement of the various products, the creation of new items and the deposit of models.
The Innov Invest Fund is an initiative launched by Morocco Guarantee and SME Finance Corp (CCG) and supported by the Moroccan Government, the World Bank and the European Union to enhance the access to finance for SMEs and start-ups and make Morocco a regional hub for innovative entrepreneurs.
SMEs are the backbone of the Moroccan economy, representing 95% of the private sector and creating 50% of the job offer.
That said, even though the Moroccan financial system is open and competitive, the funding mix addressed toward SMEs and start-ups is still dominated by the bank sector (bank loans represent the primary funding source for Moroccan SMEs – around 68% according to the International Finance Corporation – IFC).
The INNOV INVES Fund strives to create opportunities and jobs through the development of a more robust private sector by increasing the sources of financing and supporting entrepreneurial innovation.
This initiative offers a comprehensive package of financial instruments to sustain innovative projects and the initial stages of the start-up life cycle through grants, soft loans, equity, quasi-equity, cash advances and technical assistance.
The objective is to enable new and existing innovative SMEs to access risk capital, other types of financing (e.g. soft loans) and critical non-financial support.
