Rabat – Moroccan startups raised $70 million during the past year, ranking fifth in Africa behind Kenya, Nigeria, Egypt, and South Africa, according to numbers published in “Africa: The Big Deal” database.
The top four nations captured nearly $2.2 billion in total, making up 84 percent of the funds raised in 2024.
Kenya ranks first ($638 million), followed by Nigeria, ($410 million), Egypt ($400 million) and South Africa ($394 million).
The funds raised are quite impressive, but they are still 25 percent down from 2023 and a surprising 52% drop from the $4.6 billion recorded in 2022.
Morocco is in the top 10 ahead of Ghana ($68 million), Tanzania ($53 million), Benin ($50 million), Côte d’Ivoire ($33 million), and Senegal ($22 million).
During the 6th African Digital Summit that took place in Casablanca last October, Morocco’s Digital Minister, Ghita Mezzour, announced a big boost for local startups.
“We will set aside 240 million dirhams to encourage demand for innovative services, help local startups grow, and give them chances to work internationally,” Mezzour said.
This plan comes as many startups face trouble finding funding. It is also part of Morocco’s “Digital Morocco 2030” strategy, which focuses on growing the tech sector.
In recent years, Moroccan startups raised $33 million in 2021, $26 million in 2022, and $93 million in 2023, according to Partech Africa.
The government hopes this funding will create jobs, attract foreign investors, and solidify Morocco’s role as a leading tech hub in the region.
