In 2024, Moroccan startups have raised a total of $70 million, thus consolidating their position in the top 5 entrepreneurial ecosystems on the African continent. If this figure demonstrates undeniable dynamism, it remains very modest compared to the “Big 4” which are Kenya, Nigeria, Egypt and South Africa, which alone concentrate 84% of the financing raised in Africa. . These figures reveal a significant gap that questions Morocco’s challenges and opportunities in a rapidly changing competitive landscape.
Africa: The Big Deal annual report reveals African startups raised a total of $2.2 billion in 2024, down 25% from $2.9 billion the previous year . This trend is part of a decline that began since the peak of 2022, when funding then reached $4.6 billion. This global decline did not prevent the “Big 4” countries from maintaining their domination. For example, Kenya, the leader in the ranking, raised $638 million, representing 29% of all funds raised on the continent.
Morocco, with its 70 million dollars, remains at a respectable distance from these heavyweights. However, it is ahead of countries like Ghana (68 million), Tanzania (53 million) and Ivory Coast (33 million), confirming its capacity to be among Africa’s dynamic ecosystems.
A concentration of funding on the great powers
The report highlights a marked concentration of investments in a small number of countries and even companies. Indeed, in 2024, half of the financing raised in Africa was captured by just ten startups, while 188 companies managed to mobilize funds exceeding a million dollars. This phenomenon, although common in technological investment, accentuates regional disparities and limits the emergence of ecosystems still developing, such as that of Morocco.
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In North Africa, funding reached $478 million, a 35% drop from 2023. This contraction is largely attributed to Egypt, which, although remaining a regional leader with $400 million raised, recorded a significant decline of 37%. Morocco, for its part, held up relatively well, but this stability was not enough to offset the region’s decline.
The strengths and weaknesses of the Moroccan ecosystem
The Moroccan entrepreneurial ecosystem benefits from several assets. Institutional support, supported by initiatives such as “Innov Invest” or support programs such as “212 Founders”, plays a key role in the growth of startups. Local investment funds, such as UM6P Ventures or CDG Invest, have also increased their efforts to finance innovative projects.
However, to compete with the “Big 4”, they will have to intensify their internationalization and attract not only funding, but also talent and strategic collaborations on a continental and global scale.
In recent years, Morocco has increasingly confirmed its potential in the African entrepreneurial landscape, but to move from the status of a promising player to that of a regional leader, it will have to redouble its efforts. In a continent where innovation is progressing at lightning speed, Morocco still has all the cards in hand to play a central role in the economic and technological transformation of Africa.
