Morocco’s startup scene is gaining momentum, with the 2024 Morocco Startup Ecosystem Report by UM6P Ventures revealing a significant funding increase to $94.96 million across 40 deals—nearly triple the $33.26 million raised in 2023. This surge propelled Morocco to 6th place in Africa for startup funding, helping offset regional declines linked to Egypt’s slowdown.
While investor confidence grows, funding remains unevenly distributed. Three startups accounted for nearly 65% of total capital, led by TravelTech firm Nuitée’s record $48 million Series A, making TravelTech the top-funded sector at over 53% of investments. FinTech startups such as Inyad, Tookeez, and ORA Technologies led deal counts, followed by AgriTech and DeepTech sectors, which captured 10% of deal volume—signaling cautious interest in frontier technologies.
Early-stage rounds dominate Morocco’s ecosystem, with pre-seed, seed, and pre-Series A deals prevalent, while growth-stage investments lag. A persistent $5–10 million funding gap drives scale-ready startups to seek capital abroad, threatening local economic benefits from innovation. Limited exit activity compounds this, with only four notable startup exits in Morocco over three years compared to more than 20 in Egypt.
The report recommends strategic actions to spur growth: leveraging the Mohammed VI Investment Fund to boost late-stage funding, encouraging local mergers and acquisitions, supporting women entrepreneurs, and investing in emerging sectors like AI, climate tech, and advanced manufacturing.
As Morocco’s startup ecosystem matures, the path ahead is critical—scale or stall.
