Rabat – Morocco’s startups attracted $2 million in funding last month, ranking fourth in terms of funding appeal among the Middle East and North African (MENA) countries.
Moroccan startups raised said investment through three fundraising rounds.
During the same period, Egyptian startups led the way with an impressive $80 million, followed by Saudi Arabian startups with $46 million, and the UAE closed on its heels with $45 million, according to data from the data platform Wamada.
MENA startups raised an overall investment volume of $176 million at the end of May through 42 deals, the report indicates.
Despite recording a month-on-month decline of 40%, the investment volume represents a year-on-year increase of 62.7%, noted the report, adding that the number of fundraising deals has also increased by 31%.
Breaking down the investment volume by sector, the report explains that fintech startups continue to attract the most funding with $112 million, logistics startups came in second with $15.7 million, and mobility startups followed with $12 million.
The report further notes that early-stage startups attracted the largest number of deals. 21 pre-seed and seed-stage startups secured $50 million in funding, making 28% of the overall investment volume, 10% up compared to last month.
While fintech startups maintained a leading market position in terms of capitalization, marketplace startups matched fintech’s appeal in terms of the number of deals secured.
As for the source of investments, the report details that foreign investors took part in 21 fundraising deals, with nine US investors accounting for nine deals.
UAE investors were the most active in the MENA region, funding nine deals.
Regarding women’s participation in the startup ecosystem, the report explains that female-led startups have raised only 0.4% of total investments, while male-female co-founded startups attracted $22 million through four deals.
Male-led startups attracted the most funding with $154 million.
Read Also: Morocco’s Al Mada Sets Up African’s Largest Startup Venture Fund
