Morocco has made a powerful return to Africa’s venture capital landscape, nearly tripling its tech start-up funding to $94.96 million in the past financial year.
The latest Morocco Start-up Ecosystem Report, a groundbreaking collaboration between UM6P and Start-upResearcher, outlines a blueprint for the country’s growing tech ecosystem, positioning the country as a model for innovation-driven development across Africa.
The Report states that standout deals and accelerator support are driving Morocco’s early-stage booming startup ecosystem, securing its position as the continent’s sixth-largest destination for venture capital and 88th globally.
However, it warns that beneath the headline figures, cracks remain that could stall long-term growth and threaten its status as North Africa’s rising tech star.
Yassine Laghzioui, UM6P Ventures CEO, one of the country’s leading VC backers, attributed the seed boom on a record $48 million Series A round for travel-tech firm Nuitée, along with key fintech and agri-tech deals that accounted for 65% of all capital raised, highlighting investor confidence in a few standout startups.
“This surge reflects Morocco’s untapped potential and its rising visibility on the continental tech map,” he said.
The 2024 Morocco Ecosystem Report further credited the strong seed-stage momentum to 40 deals largely supported by international accelerators like Y Combinator and 500 Global.
Other analysts, however, cautioned that this early-stage energy is not translating into scalable growth.
Domestic Series A and B cheques remain scarce, forcing scale-ups to look abroad for capital. The ecosystem has also logged only four significant exits in three years, limiting capital recycling and investor appetite.
“The risk is an early-stage trap, lots of promising startups with nowhere to go. “We need structural fixes or we’ll lose our best talent to tech hubs like Lagos, Nairobi, or Cairo,” warned a local investor affiliated with the 212 Founders programme
An analyst at Start-upResearcher stated that Casablanca remains Morocco’s dominant start-up hub, while female-led ventures continue to be underfunded despite high-calibre talent.
The report urges activating the Mohammed VI Investment Fund to co-invest in later-stage rounds, alongside introducing gender-lens funds, M&A tax incentives, and a modern IPO framework.
“Morocco’s 2024 rebound is just the start. To build a unicorn, we need bold bets in AI, climate tech, and deep tech, areas where Morocco has a competitive advantage,” said the Start-up Researcher analyst.
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