Moroccan startups raised $70 million in funding in 2024, ranking fifth in Africa, according to data from the “Africa: The Big Deal” database. While impressive, the figure marks a 25% decrease compared to 2023 and a significant 52% drop from the $4.6 billion raised in 2022.
The top four countries—Kenya, Nigeria, Egypt, and South Africa—raised nearly $2.2 billion, accounting for 84% of the total funds raised in Africa last year. Kenya led with $638 million, followed by Nigeria ($410 million), Egypt ($400 million), and South Africa ($394 million).
In comparison, Morocco sits ahead of other African nations such as Ghana ($68 million), Tanzania ($53 million), Benin ($50 million), Côte d’Ivoire ($33 million), and Senegal ($22 million).
At the 6th African Digital Summit held in Casablanca last October, Morocco’s Digital Minister, Ghita Mezzour, announced a plan to allocate 240 million dirhams to boost demand for innovative services, support local startups, and help them expand internationally. This initiative is part of the broader “Digital Morocco 2030” strategy, aimed at fostering growth in the tech sector.
Historically, Moroccan startups raised $33 million in 2021, $26 million in 2022, and $93 million in 2023, according to Partech Africa. The government hopes that this new funding will help create jobs, attract foreign investment, and strengthen Morocco’s position as a leading tech hub in the region.
