
Smala Foundation for Impact Finance
Catalytic Blended Finance for Impact Entrepreneurs
About
happy smala has supported over 5000 impact‑oriented organizations and mobilized over 5 million dirhams in funding, providing program design, deployment and evaluation support to Moroccan companies, public institutions and third‑sector actors while offering strategic studies, coaching, mentoring and training to emerging entrepreneurs.
Building on the 12-year track record of happy smala, and the successes of the EU Funded “Impact Together!” project, happy smala is establishing a new non-profit entity dedicated to providing a national blended‑finance mechanism to bridge Morocco’s impact ‑finance gap for early-stage, revenue-generating social enterprises.
Our vision
We envision a thriving impact economy where...
- Entrepreneurs have access to financing and impact management skills
- Capital is mobilized through innovative co-investment and blended finance practices
- Stakeholders come together around a shared roadmap for sustainability, data, and storytelling
Who We Support
Primary target
Registered, revenue-generating social enterprises (company, NGO, or cooperative) looking to raise €25k–€200k.
Secondary target
Local communities, employees and subcontractors, value-chain actors, investors, and ecosystem partners.
Our Impact
42
Entrepreneurs Supported
16
Entrepreneurs Funded
3M MAD
Funds Deployed
4 M MAD
Matchfunding Raised by our Portfolio

Discover Our Portfolio of Impact Enterprises
Empowering Impact Entrepreneurship
How We Work
1Sourcing
We select entrepreneurs based on recommendations from support organizations and funders.
2Contact
Entrepreneurs meet funders at the Blended Impact Finance Bootcamp.
3Decision
Independent investment committees make funding decisions.
4Funding
We provide catalytic grants based on co-financing and impact targets.
5Support
We provide mentoring and training for one year.
6Blending
We facilitate co-financing through our partners.
7Exit
Entrepreneurs scale their operations, and their impact.
FAQs
Ask Us Anything
Why an Impact Fund?
HAPPY SMALA has developed as an unconventional entity: from a crowdfunding platform to an innovation lab, and today it is embarking on the creation of an impact fund. With roots in Morocco and activities across Africa, we continue to evolve to support the growth of the impact economy.
Our mission remains unchanged: to accelerate the emergence of the social and ecological economy through innovative policies, programs, partnerships, and financing models.
This fund aims to strengthen our capacity for action by supplementing existing non-financial support with catalytic impact capital. It aims to create collective momentum around innovative co-investment mechanisms and shared impact management standards.
How does "Blended Finance" work?
We provide catalytic grants and tailored support social entrepreneurs, with the objective of meeting their fundraising and growth goals. We mobilize our network of investors, financial institutions, donor organizations, and crowdfunding platforms to co-construct "blended" funding rounds that meet the requirements of entrepreneurs and funders.
Will you invest in me?
We fund social enterprises (Private companies, Cooperatives, and NGOs) that meet the following criteria:
- At least 2 years of operations (post legal registration)
- Commercial traction (clients and revenue)
- Demonstrated impact (social, economic, environmental)
- Previous funding experience (grants, loans, equity, crowdfunding)
- Impact-driven growth strategy (raising funds to scale impact and operations).
We currently only source social enterprises by recommendation through support organizations and funders.
How can I invest in/support your entrepreneurs?
Contact us! There are many ways to support our social entrepreneurs
- Participate in a Blended Impact Finance Bootcamp
- Join one of our blended funding rounds
- Contribute to one of our crowdfunding campaigns
- Join our support pool
- Invest in our fund.
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