MIARAKAP, the first Malagasy fund dedicated to SMEs and startups, is born!

MIARAKAP, the first Malagasy fund dedicated to SMEs and startups, is born!

Madagascar continues to develop, especially in the area of small and medium-sized enterprises and startups. This is why the very first impact fund was created on February 9.



The entrepreneurial adventure can be risky, especially when the appropriate authorities and the necessary financing are lacking. The Malagasy authorities have realized that entrepreneurs and those who want to try their luck need a helping hand to do so. Thus, on Friday, February 9, Miarakap, the first fund dedicated to the financing, supervision and support of small and medium enterprises (SMEs) and startups was officially created.

This first round of capital subscription took place at the Tamboho Hotel in Tananarive. A meeting led by Emmanuel Cotsoyannis, a French-Malagasy entrepreneur, bringing together the partners and shareholders of this investment fund, with the support of the Monegasque Cooperation. Another notable presence was that of the Chairman of the Board of Directors of Miarakap, Fred Rajaonera, as well as several big names in industry, finance and entrepreneurship in Madagascar.


MIARAKAP, premier fonds malgache dédié aux PME et startup, voit le jour !


Miarakap, the financial solution for SMEs and startups

Dreaming about entrepreneurship is one thing… But having the financial means to achieve it is even better! This investment fund presents itself as the new financial solution for SMEs and startups.

Miarakap’s objective is to support the development of the Malagasy entrepreneurial ecosystem and thus boost this promising sector. Startups and SMEs will no longer go it alone: Miarakap is not only the financing for an entrepreneurial project, but also your accompaniment adapted to the type of project you have or are planning to carry out. Personalized financing and support to enable the realization of growth projects.

“Miarakap is aimed at SMEs and start-ups with high growth potential, from all sectors of activity and regions of Madagascar. The financing needs of these SMEs and start-ups must be between 50 million and 1 billion Ariary. Miarakap strengthens the equity capital and becomes a minority shareholder of the companies, generally for 5 years, and provides active and personalized support according to the needs of each company. This support includes formalizing their management, strengthening their organization, increasing their technical skills and accelerating their commercial development” explains Emmanuel Cotsoyannis.


MIARAKAP, premier fonds malgache dédié aux PME et startup, voit le jour !


This first round of financing resulted in an investment of 11.5 billion Ariarys in the Miarakap fund. A project, as well as its preparation phase, led by its co-founders, Emmanuel Cotsoyannis and the Investisseurs & Partenaires group.

The co-founders know the field of entrepreneurship inside out. Emmanuel Cotsoyannis is indeed a Franco-Malagasy entrepreneur who returns to the Big Island after having spent a decade creating, developing and managing startups in France. Investisseurs & Partenaires (I&P) is a group founded in 2002, specializing in investment in African SMEs. Thanks to its experience in the business and in capital, this group has actively contributed to the creation of this investor fund. This company has a branch in Tananarive and has seven Malagasy companies in its portfolio to date.

A promising future awaits all entrepreneurs who, due to lack of funding, could not aspire to set up their startup or company. With Mirakap, the future seems to be taking shape in a new light, full of hope!


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