The Moroccan startup ecosystem is emerging as a vibrant and dynamic hub in North Africa. With a strategic location, youthful talent, and supportive government policies, Morocco is fostering innovation across sectors like fintech, healthtech, and renewable energy. The rise of incubators, accelerators, and investment opportunities is fueling growth and attracting both local and international interest. This burgeoning ecosystem is poised to significantly contribute to the region's economic development and technological advancement.

Tracking Investment Growth in the Moroccan Startup Sector

From 2021 to 2023, Morocco's startup ecosystem witnessed significant fluctuations in both the number of deals and funding raised. In 2021, there were 22 deals amounting to $29 million, which slightly increased to 26 deals raising $31.5 million in 2022. Subsequently, the ecosystem experienced substantial growth in 2023, with 43 deals totaling $34.5 million. These fluctuations reflect the evolving landscape of startup investments in Morocco, indicating increasing investor interest and the potential for further expansion in the coming years.

Biggest Funding Rounds

Mubawab

Mubawab, a real estate portal founded in 2011 in Morocco, secured a $10 million investment from parent company EMPG to expand in the Maghreb region and enhance technology.

Inyad

Inyad, founded in 2018, is a Moroccan startup specializing in mobile apps for small and medium businesses. Their apps help businesses transition to online operations in Africa and the Middle East. With an $8 million Series A funding round in 2021 raised from investors like Partech Africa and CDG, Inyad strengthened its position in African Fintech.

Chari

Chari, a YC-backed company, secured a $5 million seed round in 2021. The round was co-led by Rocket Internet, Global Founders Capital, and P1 Ventures. Established by Sophia Alj and Ismael Belkhayat, Chari aims to develop its operations further and make significant strides in the market.

Freterium

Freterium, founded in 2020 by Mehdi Cherif Alami and Omar El Kouhene, has experienced rapid growth in recent years, leading to the establishment of an office in the United Arab Emirates. In 2021, the startup secured $4 million in seed funding, led by Partech, with notable participation from Y Combinator, Flexport, CDG Invest, Swiss Founders Fund, Outlierz Ventures, and various international business angels, signaling its plans for further expansion and innovation.

Notable Exits

DabaDoc

DabaDoc, co-founded by Driss Drissi-Kaitouni and Zineb Drissi-Kaitouni, is a tech firm streamlining healthcare access throughout Africa. The platform links millions of patients with numerous doctors, providing services such as immediate bookings and virtual consultations. In a notable development, DabaDoc was acquired by Orange and AXA in 2021, marking a pivotal moment in its mission to transform healthcare delivery across the region.

Kifal

KIFAL Auto, founded in 2019 by Nizar Abdallaoui Maane, streamlined the process of buying and selling used cars in Morocco. Its comprehensive services and acceptance into the 212 Founders accelerator program positioned KIFAL as a key player in the region. AutoCheck acquired Kifal in 2022 as part of its expansion into North Africa's automotive market.

SLE3TI

Sle3ti, founded by Abderrahim Zizi and Ayoub Harij, digitizes traditional retail by connecting small stores with FMCG suppliers. Sle3ti's technology enables efficient ordering and next-day delivery while providing valuable market data to FMCG brands. The company was acquired by Cash Plus last year.

WaystoCap

WaystoCap, founded in 2017, is Morocco's first startup to join Y Combinator. With a network of 8,000 retailers and expansion into several West African cities, it quickly established itself as a key player in B2B e-commerce. Recently, Egypt-based MaxAB acquired WaystoCap, in order to consolidate its position in the regional B2B marketplace.

Key Developments In 2024

In 2024, Morocco witnessed significant developments in its startup ecosystem. TAMWILCOM unveiled a list of incubators and accelerators for its Innov Invest funds program, highlighting efforts to foster innovation and entrepreneurship. Additionally, the partnership between “Fonds Mohammed VI pour l'Investissement”, “CDG Capital”, and the “Ministère de la Transition Numérique et de la Réforme de l'Administration” led to the launch of the "Morocco Startup Offer," aimed at supporting and financing startups nationwide, signaling a concerted effort to bolster the kingdom's startup landscape through strategic funding initiatives.

In general, the Moroccan startup ecosystem in 2024 reflects a dynamic landscape characterized by innovation, investment, and collaboration. With a supportive regulatory environment and increasing access to funding, startups across various sectors are thriving and making significant contributions to the economy. Initiatives aimed at nurturing entrepreneurship, such as incubator and accelerator programs, further propel the ecosystem forward by providing valuable resources and mentorship to aspiring entrepreneurs. As a result, Morocco continues to solidify its position as a promising destination for startups, offering ample opportunities for growth, innovation, and success.