2024_Startup_Report High Quality and Hyperlinked (1)
                     THE
20
24
MOROCCO
STARTUP
ECOSYSTEM
REPORT
IN COLLABORATION WITH:
A NEW 
REFERENCE FOR 
INNOVATION
The 2024 Morocco Startup
Ecosystem Report
Welcome to the inaugural edition of UM6P’s Morocco Startup 
Ecosystem Report, an economic intelligence review designed to
provide high-value insights into the Moroccan ecosystem dynamics: 
startups, investments, emergent sectors, technological trends.
The first edition of the 2024 Moroccan Ecosystem Report is an initiative 
that provides access to structured and reliable data essential to 
understanding and anticipating the evolution of our ecosystem.
The report adopts a multi-layered research framework to provide a 
balanced, reliable view of Morocco’s startup ecosystem. Curated with 
inclusivity at its core, the insights shared aim to extend their impact well 
beyond the boundaries of our institution.
Core Contributors:
Yassin El Hardouz, Yassine Laghzioui, 
Ranya Alaoui, Bassam Lahnaoui, 
Oussama Saissi Idrissi, Hamza 
Cherkaoui, Abderrahim Zabir
Inside this report, you will discover several in-depth sections:
01. 02.
Morocco’s Startup Exits in Morocco
Funding in 2024
03. 04.Why Morocco Is Becoming 
Morocco’s VC Evolution a Hotspot for Global 
Startup Investment
05.
The Moroccan Diaspora 06.
Africa’s Tech Unicorns
07.
Morocco’s Rising Stars
We extend our heartfelt gratitude to everyone who contributed to this 
report, whether through direct collaboration, data sharing, interviews, or 
behind-the-scenes support. Your insights and expertise have shaped 
our findings and enriched our understanding of Morocco’s vibrant 
startup landscape. We invite you to explore these insights, learn from 
the stories, and ultimately join us in putting the Moroccan ecosystem on 
the global map.
We hope this first edition of the Morocco Startup Ecosystem Report not 
only informs but also inspires action, from investors, founders, and 
policymakers alike, to shape the future of innovation in Morocco.
Acknowledgement to the Moroccan investors who contributed
to this report:
04
MOROCCO STARTUP
ECOSYSTEM REPORT Editorial Analysis
highlights the work ahead to catch trade hub. FinTech, despite trailing of capital, yet investor interest still Morocco’s market is heavily It’s a dynamic seen in other emerging Founders and investors in Morocco 
Morocco’s Startup up with Africa’s leading startup hubs. slightly with about 11.6% of total spanned across a broad range oriented toward these early ecosystems: without domestic have had very few opportunities to As it turns out, Morocco’s funding funding, showed remarkable deal of verticals, from AgriTech to rounds, which creates a lot of growth capital, the best startups realize liquidity. Whether through 
resurgence in 2024 was driven by a velocity, leading all sectors in DeepTech. Underpinning this value creation potential at the “outgrow” the local market. acquisitions or IPOs, exits are the 
Engine at a Crossroads: few standout deals against a transaction count. This suggests dynamic is a high concentration base of the startup pyramid.  In Moroccan startups have indeed lifeblood of a healthy venture backdrop of caution. Venture investors remain bullish on financial of funding in just a few companies. 2024, seed funding activity held started to tap foreign VCs for larger ecosystem, enabling investors to 
investors globally had retrenched digitization, though ticket sizes In fact, three startups accounted relatively steady, indicating that rounds, which brings global market Data, Capital, and the recycle capital and rewarding early amid economic uncertainty, focusing remain moderate, reflecting for nearly 65% of all capital raised founders at concept and access (a plus) but can dilute the risk-takers. Morocco’s paucity of on proven bets. Morocco was no cautious optimism around evolving in 2024. product-market-fit stages can local ecosystem’s benefits if not exits thus represents a core 
Next Leap exception: while capital flowed business models like Inyad, still find capital. Even international balanced correctly and timely. bottleneck holding back its venture selectively, it flowed into quality. Tookeez, and ORA Technologies. This “winner-takes-most” model investors have been increasingly cycle.
The year’s total was propped up by a reflects a positive evolution: willing to bet on Moroccan The data and trendlines suggest a 
By Yassine LAGHZIOUI, CEO of UM6P Ventures handful of sizable rounds, including a Beyond these “popular among Morocco is producing investable startups at early stages. Global need for more mature venture A closer look reveals that the few record-breaking $48 million Series A local VCs” sectors, a diverse champions capable of attracting accelerators and VCs (Y capital infrastructure at home. This exits that do occur in Morocco are 
for TravelTech startup Nuitée and grouping, encompassing large checks, a crucial step toward Combinator, 500 Global, could mean encouraging existing often driven by foreign acquirers 
Morocco’s startup engine is firing on all early-stage cylinders during multi-million-dollar raises by fintech e-commerce, edtech, and building its first unicorn. But it also Flat6Labs, etc.) are active in funds to scale up their ticket sizes, and modest in scale. International 
the last three years, but without late-stage fuel and open roads to and agritech ventures.  These big wins healthtech, collected exposes a structural risk. Many seeding Moroccan ventures . This attracting international players seeking a foothold in the 
approximately 13–14% of funding promising startups, particularly influx of early bets is encouraging, growth-stage investors to open 
exit, it risks stalling before reaching full speed masked an otherwise lean year for Moroccan market have snapped many startups. The concentration of but contributed an even larger those beyond the top tier, struggled as it brings not just the cash but oces or partnerships in Morocco, up startups as strategic 
capital was striking: just three portion of deal activity. This to access growth capital, also mentorship and networks, and launching government-backed acquisitions. For example, EMPG (a 
Morocco’s startup funding Funding startups accounted for nearly 64.70% indicates investors are actively reinforcing an “early-stage trap” and signals confidence in growth funds to co-invest at Series Dubai-based group) acquired 40 landscape in 2024 presents a of all funding in 2024.  This bifurcation exploring broader opportunities common in many nascent Morocco’s entrepreneurial talent. A/B. The Moroccan government is Morocco’s Mubawab in 2018, and paradox of momentum and Rebounds Amid suggests that while VC confidence in beyond established verticals. ecosystems, where companies already moving in this direction and later backed Mubawab’s purchase growing pains. On one hand, top performers remains high, the Notably, AgriTech startups gained secure seed funding but find no However, the flip side of this the Mohammed VI Investment Fund of Jumia House Maghreb in 2019 . 
deals Moroccan startups showed Global Slowdown broader field of startups faced a 
momentum in 2024, reflecting clear path to Series A or B. If not early-stage focus is a marked lull (FM6I) is poised to play an important Similarly, Nigerian and other 
remarkable resilience amid a global capital squeeze. Early-stage rounds deliberate alignment with addressed, this bottleneck could in Series A and beyond. Few local role in catalyzing bigger investments African tech companies have 
venture downturn, nearly tripling (pre-seed and seed) continued at a Morocco’s strategic priority to slow the momentum of the broader investors concentrate on in the coming years . acquired Moroccan startups (such in 2024 After a sharp contraction in 2023, their funding from 2023 and healthy clip, but there was a dearth modernize agriculture and the ecosystem. The challenge ahead is post-seed rounds, and scarcity of as Autochek’s acquisition of Kifal Morocco’s startup funding rebounded 
climbing to the 6th largest funding of later-stage funding for companies natural positioning as big market clear: widen the funnel of capital capital beyond Series A forces Without a deeper late-stage market, Auto in 2022) to expand into strongly in 2024, even as venture 
destination in Africa . On the other aiming to scale, a point I will examine for innovative agritech products beyond current darlings, and ensure startups to seek international even the most successful Moroccan Francophone Africa . These deals capital remained tepid globally (less 
hand, structural gaps, from a further in this analysis. and services. DeepTech, though that scale-ready startups don’t backers once they reach a certain startups may struggle to fully scale are the best proof that Moroccan than 6% rise in total VC funding 
narrow exit pipeline to regional and still early-stage and modest in stall for lack of follow-on funding. scale.  By the time a Moroccan or have to look abroad to do so, startups can be attractive targets globally). Moroccan startups 
gender imbalances, underscore total funding, accounted for startup needs, say, a $5–10 million which in turn feeds back into the for regional expansion plays when collectively raised about $94.96 
that early successes have yet to Sector Leaders around 10% of deal volume, round to fuel regional expansion, challenge of weak local exit the right conditions are gathered. million in 2024, a dramatic rise from 
translate into sustainable scale. In and Capital signaling rising investor interest in Early-Stage the pool of domestic investors opportunities. As it stands, the handful of exits just $33.26 million in 2023.  This surge this analysis, I will try to dissect the frontier technologies, albeit runs dry. Indeed, the internal data seen so far are exceptions to the defied broader regional headwinds: 
data behind Morocco’s recent Concentration cautiously and mainly driven by Energy vs. confirms only a handful of rule, not signs of an established North Africa’s funding had dropped 
funding trends (2022–2024) and specialized funds such as UM6P investors in Morocco can lead or trend.year-over-year, largely due to a The Missing Exit 
interpret what they reveal about Ventures. participate in Series A deals – a pullback in Egypt, but Morocco’s Late-Stage Dip
the ecosystem’s maturity, pitfalls, Some stakeholders may find it gap that was evident in 2024’s Pipeline The consequences of a weak exit upswing helped prevent a deeper 
and the strategic levers needed to counterintuitive that TravelTech In sum, Morocco’s 2024 funding numbers. While one large Series A market cascade through the regional plunge.  In fact, 2024 saw 
unlock its next leap. dominated Morocco’s startup data reveals a dual investment One clear trend in Morocco’s grabbed headlines, most ecosystem. Venture capital firms Morocco join an exclusive group of funding in 2024, but given Morocco's strategy: capital is flowing heavily funding landscape is a strong tilt growth-stage needs were unmet. Perhaps the most glaring structural struggle to recycle capital when 
African markets (alongside Ghana longstanding position as Africa's into a few proven, scalable toward early-stage investment and This poses a risk: startups that challenge in Morocco’s startup exits are delayed or absent . This 
and Tanzania) that surpassed leading tourism destination ventures, while seed funding a corresponding gap at growth graduate from local seed landscape is the absence of a lack of liquidity creates a negative 
$94.96 $50 million in annual startup funding, (attracting over 17.3 million visitors in remains active across a wider pool stage. Local venture capital and programs often pivot abroad for vibrant exit market. Despite the feedback loop: without exits, fewer even though it still lagged far behind 2024) it is more natural alignment of emerging startups. This mix of corporate venture investors have funding, potentially relocating or growth in startup formation and big tickets and new funds flow in the “Big Four” ecosystems of Nigeria, than anomaly. Nuitée’s exceptional concentration and diversity isn’t largely focused on pre-seed, seed, at least shifting their center of funding, the exit pathway remains and without funding, startups 
million South Africa, Egypt, and Kenya . The $48 million Series A significantly surprising in a maturing ecosystem: and pre-Series A deals . These gravity away from Morocco . The stubbornly narrow.  The numbers are struggle to grow to exit-worthy continent overall managed about skewed the sector distribution, it brings both stability and fertile stages oer high potential returns opportunity cost is significant. The telling: in the past three years, scale. Additionally, the absence of $3.2 billion across 534 deals in 2024, 
in 2024 elevating TravelTech to capture 53% 
ground for future breakout and align with the ecosystem’s country loses some of the Morocco saw only about four secondary markets or acqui-hire 
signaling a stabilization after the of total startup funding. success. youth, so it’s not surprising that the economic impact and leadership substantial startup exits.  This is a pathways in Morocco further limits 
2023 slump.  Within this context, majority of investors prefer of its scale-ups just when they’re tiny fraction compared to regional options for partial exits or smaller 
Morocco’s recovery stands out as a Following TravelTech, Logistics and At the sector level, the same seed-stage startups.  The result is a poised to generate jobs and peers. In the same period, Egypt liquidity events. 
signal of resilience, which a Mobility accounted for roughly 12% of pattern holds: a handful of robust pipeline of new companies returns. witnessed 20+ exits and Nigeria over 
testament to the foundational work investments, underscoring Morocco’s industries, like TravelTech and getting initial funding and a dozen .
of the past decade, yet it also geographic advantages as a regional FinTech, absorbed the majority validation.
05
MOROCCO STARTUP
ECOSYSTEM REPORT
highlights the work ahead to catch trade hub. FinTech, despite trailing of capital, yet investor interest still Morocco’s market is heavily It’s a dynamic seen in other emerging Founders and investors in Morocco 
up with Africa’s leading startup hubs. slightly with about 11.6% of total spanned across a broad range oriented toward these early ecosystems: without domestic have had very few opportunities to 
As it turns out, Morocco’s funding funding, showed remarkable deal of verticals, from AgriTech to rounds, which creates a lot of growth capital, the best startups realize liquidity. Whether through 
resurgence in 2024 was driven by a velocity, leading all sectors in DeepTech. Underpinning this value creation potential at the “outgrow” the local market. acquisitions or IPOs, exits are the 
few standout deals against a transaction count. This suggests dynamic is a high concentration base of the startup pyramid.  In Moroccan startups have indeed lifeblood of a healthy venture 
backdrop of caution. Venture investors remain bullish on financial of funding in just a few companies. 2024, seed funding activity held started to tap foreign VCs for larger ecosystem, enabling investors to 
investors globally had retrenched digitization, though ticket sizes In fact, three startups accounted relatively steady, indicating that rounds, which brings global market recycle capital and rewarding early 
amid economic uncertainty, focusing remain moderate, reflecting for nearly 65% of all capital raised founders at concept and access (a plus) but can dilute the risk-takers. Morocco’s paucity of 
on proven bets. Morocco was no cautious optimism around evolving in 2024. product-market-fit stages can local ecosystem’s benefits if not exits thus represents a core 
exception: while capital flowed business models like Inyad, still find capital. Even international balanced correctly and timely. bottleneck holding back its venture 
selectively, it flowed into quality. Tookeez, and ORA Technologies. This “winner-takes-most” model investors have been increasingly cycle.
The year’s total was propped up by a reflects a positive evolution: willing to bet on Moroccan The data and trendlines suggest a
handful of sizable rounds, including a Beyond these “popular among Morocco is producing investable startups at early stages. Global need for more mature venture A closer look reveals that the few
record-breaking $48 million Series A local VCs” sectors, a diverse champions capable of attracting accelerators and VCs (Y capital infrastructure at home. This exits that do occur in Morocco are 
for TravelTech startup Nuitée and grouping, encompassing large checks, a crucial step toward Combinator, 500 Global, could mean encouraging existing often driven by foreign acquirers 
multi-million-dollar raises by fintech e-commerce, edtech, and 17.3 building its first unicorn. But it also Flat6Labs, etc.) are active in funds to scale up their ticket sizes, and modest in scale. International and agritech ventures.  These big wins healthtech, collected exposes a structural risk. Many seeding Moroccan ventures.  This attracting international players seeking a foothold in the 
masked an otherwise lean year for approximately 13–14% of funding million promising startups, particularly influx of early bets is encouraging, growth-stage investors to open Moroccan market have snapped 
many startups. The concentration of but contributed an even larger those beyond the top tier, struggled as it brings not just the cash but oces or partnerships in Morocco, up startups as strategic 
capital was striking: just three portion of deal activity. This visitors to access growth capital, also mentorship and networks, and launching government-backed acquisitions. For example, EMPG (a
Morocco’s startup funding Funding startups accounted for nearly 64.70% indicates investors are actively in 2024 reinforcing an “early-stage trap” and signals confidence in growth funds to co-invest at Series Dubai-based group) acquiredlandscape in 2024 presents a of all funding in 2024 . This bifurcation exploring broader opportunities common in many nascent Morocco’s entrepreneurial talent. A/B. The Moroccan government is Morocco’s Mubawab in 2018, and
paradox of momentum and Rebounds Amid suggests that while VC confidence in beyond established verticals. ecosystems, where companies already moving in this direction and later backed Mubawab’s purchase 
growing pains. On one hand, top performers remains high, the Notably, AgriTech startups gained secure seed funding but find no However, the flip side of this the Mohammed VI Investment Fund of Jumia House Maghreb in 2019 . 
Moroccan startups showed Global Slowdown broader field of startups faced a momentum in 2024, reflecting clear path to Series A or B. If not early-stage focus is a marked lull (FM6I) is poised to play an important Similarly, Nigerian and other
remarkable resilience amid a global capital squeeze. Early-stage rounds deliberate alignment with addressed, this bottleneck could in Series A and beyond. Few local role in catalyzing bigger investments African tech companies have 
venture downturn, nearly tripling (pre-seed and seed) continued at a Morocco’s strategic priority to slow the momentum of the broader investors concentrate on in the coming years.  acquired Moroccan startups (such After a sharp contraction in 2023, 
their funding from 2023 and healthy clip, but there was a dearth modernize agriculture and the ecosystem. The challenge ahead is post-seed rounds, and scarcity of as Autochek’s acquisition of Kifal Morocco’s startup funding rebounded 
climbing to the 6th largest funding of later-stage funding for companies natural positioning as big market clear: widen the funnel of capital capital beyond Series A forces Without a deeper late-stage market, Auto in 2022) to expand into strongly in 2024, even as venture 
destination in Africa. On the other aiming to scale, a point I will examine for innovative agritech products beyond current darlings, and ensure startups to seek international even the most successful Moroccan Francophone Africa.  These deals capital remained tepid globally (less 
hand, structural gaps, from a further in this analysis. and services. DeepTech, though that scale-ready startups don’t backers once they reach a certain startups may struggle to fully scale are the best proof that Moroccan than 6% rise in total VC funding 
narrow exit pipeline to regional and still early-stage and modest in stall for lack of follow-on funding. scale.  By the time a Moroccan or have to look abroad to do so, startups can be attractive targets globally). Moroccan startups 
gender imbalances, underscore total funding, accounted for startup needs, say, a $5–10 million which in turn feeds back into the collectively raised about $94.96 
that early successes have yet to Sector Leaders 
for regional expansion plays when 
around 10% of deal volume, round to fuel regional expansion, challenge of weak local exit the right conditions are gathered. 
million in 2024, a dramatic rise from 
translate into sustainable scale. In and Capital signaling rising investor interest in the pool of domestic investors opportunities. As it stands, the handful of exits just $33.26 million in 2023 . This surge this analysis, I will try to dissect the frontier technologies, albeit Early-Stage runs dry. Indeed, the internal data seen so far are exceptions to the defied broader regional headwinds: 
data behind Morocco’s recent Concentration cautiously and mainly driven by confirms only a handful of rule, not signs of an established North Africa’s funding had dropped 
funding trends (2022–2024) and specialized funds such as UM6P 
Energy vs. investors in Morocco can lead or trend.
year-over-year, largely due to a The Missing Exit 
interpret what they reveal about Ventures. participate in Series A deals – a pullback in Egypt, but Morocco’s Some stakeholders may find it Late-Stage Dipthe ecosystem’s maturity, pitfalls, gap that was evident in 2024’s The consequences of a weak exit upswing helped prevent a deeper
and the strategic levers needed to counterintuitive that TravelTech In sum, Morocco’s 2024 funding numbers. While one large Series A 
Pipeline market cascade through the 
regional plunge . In fact, 2024 saw 
unlock its next leap. dominated Morocco’s startup data reveals a dual investment One clear trend in Morocco’s grabbed headlines, most ecosystem. Venture capital firms Morocco join an exclusive group of funding in 2024, but given Morocco's strategy: capital is flowing heavily funding landscape is a strong tilt growth-stage needs were unmet. Perhaps the most glaring structural struggle to recycle capital when 
African markets (alongside Ghana longstanding position as Africa's into a few proven, scalable toward early-stage investment and This poses a risk: startups that challenge in Morocco’s startup exits are delayed or absent.  This 
and Tanzania) that surpassed leading tourism destination ventures, while seed funding a corresponding gap at growth graduate from local seed landscape is the absence of a lack of liquidity creates a negative 
$50 million in annual startup funding, (attracting over 17.3 million visitors in remains active across a wider pool stage. Local venture capital and programs often pivot abroad for vibrant exit market. Despite the feedback loop: without exits, fewer
even though it still lagged far behind 2024) it is more natural alignment of emerging startups. This mix of corporate venture investors have funding, potentially relocating or growth in startup formation and big tickets and new funds flow in 
the “Big Four” ecosystems of Nigeria, than anomaly. Nuitée’s exceptional concentration and diversity isn’t largely focused on pre-seed, seed, at least shifting their center of funding, the exit pathway remains and without funding, startups 
South Africa, Egypt, and Kenya. The $48 million Series A significantly surprising in a maturing ecosystem: and pre-Series A deals.  These gravity away from Morocco.  The stubbornly narrow.  The numbers are struggle to grow to exit-worthy 
continent overall managed about skewed the sector distribution, it brings both stability and fertile stages oer high potential returns opportunity cost is significant. The telling: in the past three years, scale. Additionally, the absence of 
$3.2 billion across 534 deals in 2024, elevating TravelTech to capture 53% ground for future breakout and align with the ecosystem’s country loses some of the Morocco saw only about four secondary markets or acqui-hire 
signaling a stabilization after the of total startup funding. success. youth, so it’s not surprising that the economic impact and leadership substantial startup exits.  This is a pathways in Morocco further limits 
2023 slump.  Within this context, majority of investors prefer of its scale-ups just when they’re tiny fraction compared to regional options for partial exits or smaller
Morocco’s recovery stands out as a Following TravelTech, Logistics and At the sector level, the same seed-stage startups.  The result is a poised to generate jobs and peers. In the same period, Egypt liquidity events. 
signal of resilience, which a Mobility accounted for roughly 12% of pattern holds: a handful of robust pipeline of new companies returns. witnessed 20+ exits and Nigeria over 
testament to the foundational work investments, underscoring Morocco’s industries, like TravelTech and getting initial funding and a dozen .
of the past decade, yet it also geographic advantages as a regional FinTech, absorbed the majority validation.
06
MOROCCO STARTUP
highlights the work ahead to catch trade hub. FinTech, despite trailing 
ECOSYSTEM REPORT of capital, yet investor interest still Morocco’s market is heavily It’s a dynamic seen in other emerging Founders and investors in Morocco 
up with Africa’s leading startup hubs. slightly with about 11.6% of total spanned across a broad range oriented toward these early ecosystems: without domestic have had very few opportunities to 
As it turns out, Morocco’s funding funding, showed remarkable deal of verticals, from AgriTech to rounds, which creates a lot of growth capital, the best startups realize liquidity. Whether through 
resurgence in 2024 was driven by a velocity, leading all sectors in DeepTech. Underpinning this value creation potential at the “outgrow” the local market. acquisitions or IPOs, exits are the 
few standout deals against a transaction count. This suggests dynamic is a high concentration base of the startup pyramid.  In Moroccan startups have indeed lifeblood of a healthy venture 
backdrop of caution. Venture investors remain bullish on financial of funding in just a few companies. 2024, seed funding activity held started to tap foreign VCs for larger ecosystem, enabling investors to 
investors globally had retrenched digitization, though ticket sizes In fact, three startups accounted relatively steady, indicating that rounds, which brings global market recycle capital and rewarding early 
amid economic uncertainty, focusing remain moderate, reflecting for nearly 65% of all capital raised founders at concept and access (a plus) but can dilute the risk-takers. Morocco’s paucity of 
on proven bets. Morocco was no cautious optimism around evolving in 2024. product-market-fit stages can local ecosystem’s benefits if not exits thus represents a core 
exception: while capital flowed business models like Inyad, still find capital. Even international balanced correctly and timely. bottleneck holding back its venture 
selectively, it flowed into quality. Tookeez, and ORA Technologies. This “winner-takes-most” model investors have been increasingly cycle.
The year’s total was propped up by a reflects a positive evolution: willing to bet on Moroccan The data and trendlines suggest a
handful of sizable rounds, including a Beyond these “popular among Morocco is producing investable startups at early stages. Global need for more mature venture A closer look reveals that the few
record-breaking $48 million Series A local VCs” sectors, a diverse champions capable of attracting accelerators and VCs (Y capital infrastructure at home. This exits that do occur in Morocco are 
for TravelTech startup Nuitée and grouping, encompassing large checks, a crucial step toward Combinator, 500 Global, could mean encouraging existing often driven by foreign acquirers 
multi-million-dollar raises by fintech e-commerce, edtech, and building its first unicorn. But it also Flat6Labs, etc.) are active in funds to scale up their ticket sizes, and modest in scale. International 
and agritech ventures . These big wins healthtech, collected exposes a structural risk. Many seeding Moroccan ventures.  This attracting international players seeking a foothold in the 
masked an otherwise lean year for approximately 13–14% of funding promising startups, particularly influx of early bets is encouraging, growth-stage investors to open Moroccan market have snapped 
many startups. The concentration of but contributed an even larger those beyond the top tier, struggled as it brings not just the cash but oces or partnerships in Morocco, up startups as strategic 
capital was striking: just three portion of deal activity. This to access growth capital, also mentorship and networks, and launching government-backed acquisitions. For example, EMPG (a
Morocco’s startup funding Funding startups accounted for nearly 64.70% indicates investors are actively reinforcing an “early-stage trap” and signals confidence in growth funds to co-invest at Series Dubai-based group) acquiredlandscape in 2024 presents a of all funding in 2024 . This bifurcation exploring broader opportunities common in many nascent Morocco’s entrepreneurial talent. A/B. The Moroccan government is Morocco’s Mubawab in 2018, and
paradox of momentum and Rebounds Amid suggests that while VC confidence in beyond established verticals. ecosystems, where companies already moving in this direction and later backed Mubawab’s purchase 
growing pains. On one hand, top performers remains high, the Notably, AgriTech startups gained secure seed funding but find no However, the flip side of this the Mohammed VI Investment Fund of Jumia House Maghreb in 2019 . 
Moroccan startups showed Global Slowdown broader field of startups faced a momentum in 2024, reflecting clear path to Series A or B. If not early-stage focus is a marked lull (FM6I) is poised to play an important Similarly, Nigerian and other
remarkable resilience amid a global capital squeeze. Early-stage rounds deliberate alignment with Scale-ups addressed, this bottleneck could in Series A and beyond. Few local role in catalyzing bigger investments African tech companies have 
venture downturn, nearly tripling (pre-seed and seed) continued at a Morocco’s strategic priority to slow the momentum of the broader investors concentrate on in the coming years . acquired Moroccan startups (such After a sharp contraction in 2023, 
their funding from 2023 and healthy clip, but there was a dearth modernize agriculture and the to surge in ecosystem. The challenge ahead is post-seed rounds, and scarcity of as Autochek’s acquisition of Kifal Morocco’s startup funding rebounded 
climbing to the 6th largest funding of later-stage funding for companies natural positioning as big market clear: widen the funnel of capital capital beyond Series A forces Without a deeper late-stage market, Auto in 2022) to expand into strongly in 2024, even as venture 
destination in Africa. On the other aiming to scale, a point I will examine for innovative agritech products beyond current darlings, and ensure startups to seek international even the most successful Moroccan Francophone Africa . These deals capital remained tepid globally (less 
hand, structural gaps, from a further in this analysis. and services. DeepTech, though 2–3 that scale-ready startups don’t backers once they reach a certain startups may struggle to fully scale are the best proof that Moroccan than 6% rise in total VC funding 
narrow exit pipeline to regional and still early-stage and modest in stall for lack of follow-on funding. scale.  By the time a Moroccan or have to look abroad to do so, startups can be attractive targets globally). Moroccan startups 
gender imbalances, underscore total funding, accounted for years startup needs, say, a $5–10 million which in turn feeds back into the for regional expansion plays when collectively raised about $94.96 
that early successes have yet to Sector Leaders around 10% of deal volume, round to fuel regional expansion, challenge of weak local exit the right conditions are gathered. million in 2024, a dramatic rise from 
translate into sustainable scale. In and Capital signaling rising investor interest in Early-Stage the pool of domestic investors opportunities. As it stands, the handful of exits just $33.26 million in 2023.  This surge this analysis, I will try to dissect the frontier technologies, albeit runs dry. Indeed, the internal data seen so far are exceptions to the defied broader regional headwinds: 
data behind Morocco’s recent Concentration cautiously and mainly driven by Energy vs. confirms only a handful of rule, not signs of an established North Africa’s funding had dropped 
funding trends (2022–2024) and specialized funds such as UM6P investors in Morocco can lead or trend.year-over-year, largely due to a 
interpret what they reveal about Ventures. Late-Stage Dip participate in Series A deals – a The Missing Exit pullback in Egypt, but Morocco’s 
the ecosystem’s maturity, pitfalls, Some stakeholders may find it gap that was evident in 2024’s upswing helped prevent a deeper Pipeline The consequences of a weak exit 
and the strategic levers needed to counterintuitive that TravelTech In sum, Morocco’s 2024 funding numbers. While one large Series A market cascade through the regional plunge.  In fact, 2024 saw 
unlock its next leap. dominated Morocco’s startup data reveals a dual investment One clear trend in Morocco’s grabbed headlines, most ecosystem. Venture capital firms Morocco join an exclusive group of funding in 2024, but given Morocco's strategy: capital is flowing heavily funding landscape is a strong tilt growth-stage needs were unmet. Perhaps the most glaring structural struggle to recycle capital when 
African markets (alongside Ghana longstanding position as Africa's into a few proven, scalable toward early-stage investment and This poses a risk: startups that challenge in Morocco’s startup exits are delayed or absent . This 
and Tanzania) that surpassed leading tourism destination ventures, while seed funding a corresponding gap at growth graduate from local seed landscape is the absence of a lack of liquidity creates a negative 
$50 million in annual startup funding, (attracting over 17.3 million visitors in remains active across a wider pool stage. Local venture capital and programs often pivot abroad for vibrant exit market. Despite the feedback loop: without exits, fewer
even though it still lagged far behind 2024) it is more natural alignment of emerging startups. This mix of corporate venture investors have funding, potentially relocating or growth in startup formation and big tickets and new funds flow in 
the “Big Four” ecosystems of Nigeria, than anomaly. Nuitée’s exceptional concentration and diversity isn’t largely focused on pre-seed, seed, at least shifting their center of funding, the exit pathway remains and without funding, startups 
South Africa, Egypt, and Kenya. The $48 million Series A significantly surprising in a maturing ecosystem: and pre-Series A deals . These gravity away from Morocco.  The stubbornly narrow.  The numbers are struggle to grow to exit-worthy 
continent overall managed about skewed the sector distribution, it brings both stability and fertile stages oer high potential returns opportunity cost is significant. The telling: in the past three years, scale. Additionally, the absence of 
$3.2 billion across 534 deals in 2024, elevating TravelTech to capture 53% ground for future breakout and align with the ecosystem’s country loses some of the Morocco saw only about four secondary markets or acqui-hire 
signaling a stabilization after the of total startup funding. success. youth, so it’s not surprising that the economic impact and leadership substantial startup exits.  This is a pathways in Morocco further limits 
2023 slump . Within this context, majority of investors prefer of its scale-ups just when they’re tiny fraction compared to regional options for partial exits or smaller
Morocco’s recovery stands out as a Following TravelTech, Logistics and At the sector level, the same seed-stage startups.  The result is a poised to generate jobs and peers. In the same period, Egypt liquidity events. 
signal of resilience, which a Mobility accounted for roughly 12% of pattern holds: a handful of robust pipeline of new companies returns. witnessed 20+ exits and Nigeria over 
testament to the foundational work investments, underscoring Morocco’s industries, like TravelTech and getting initial funding and a dozen .
of the past decade, yet it also geographic advantages as a regional FinTech, absorbed the majority validation.
07
MOROCCO STARTUP
highlights the work ahead to catch trade hub. FinTech, despite trailing of capital, yet investor interest still Morocco’s market is heavily It’s a dynamic seen in other emerging 
ECOSYSTEM REPORT
Founders and investors in Morocco 
up with Africa’s leading startup hubs. slightly with about 11.6% of total spanned across a broad range oriented toward these early ecosystems: without domestic have had very few opportunities to 
As it turns out, Morocco’s funding funding, showed remarkable deal of verticals, from AgriTech to rounds, which creates a lot of growth capital, the best startups realize liquidity. Whether through 
resurgence in 2024 was driven by a velocity, leading all sectors in DeepTech. Underpinning this value creation potential at the “outgrow” the local market. acquisitions or IPOs, exits are the 
few standout deals against a transaction count. This suggests dynamic is a high concentration base of the startup pyramid.  In Moroccan startups have indeed lifeblood of a healthy venture 
backdrop of caution. Venture investors remain bullish on financial of funding in just a few companies. 2024, seed funding activity held started to tap foreign VCs for larger ecosystem, enabling investors to 
investors globally had retrenched digitization, though ticket sizes In fact, three startups accounted relatively steady, indicating that rounds, which brings global market recycle capital and rewarding early 
amid economic uncertainty, focusing remain moderate, reflecting for nearly 65% of all capital raised founders at concept and access (a plus) but can dilute the risk-takers. Morocco’s paucity of 
on proven bets. Morocco was no cautious optimism around evolving in 2024. product-market-fit stages can local ecosystem’s benefits if not exits thus represents a core 
exception: while capital flowed business models like Inyad, still find capital. Even international balanced correctly and timely. bottleneck holding back its venture 
selectively, it flowed into quality. Tookeez, and ORA Technologies. This “winner-takes-most” model investors have been increasingly cycle.
The year’s total was propped up by a reflects a positive evolution: willing to bet on Moroccan The data and trendlines suggest a 
handful of sizable rounds, including a Beyond these “popular among Morocco is producing investable startups at early stages. Global need for more mature venture A closer look reveals that the few 
record-breaking $48 million Series A local VCs” sectors, a diverse champions capable of attracting accelerators and VCs (Y capital infrastructure at home. This exits that do occur in Morocco are 
for TravelTech startup Nuitée and grouping, encompassing large checks, a crucial step toward Combinator, 500 Global, could mean encouraging existing often driven by foreign acquirers 
multi-million-dollar raises by fintech e-commerce, edtech, and building its first unicorn. But it also Flat6Labs, etc.) are active in funds to scale up their ticket sizes, and modest in scale. International 
and agritech ventures.  These big wins healthtech, collected exposes a structural risk. Many seeding Moroccan ventures . This attracting international players seeking a foothold in the 
masked an otherwise lean year for approximately 13–14% of funding promising startups, particularly influx of early bets is encouraging, growth-stage investors to open Moroccan market have snapped 
many startups. The concentration of but contributed an even larger those beyond the top tier, struggled as it brings not just the cash but oces or partnerships in Morocco, up startups as strategic 
capital was striking: just three portion of deal activity. This to access growth capital, also mentorship and networks, and launching government-backed acquisitions. For example, EMPG (a 
Morocco’s startup funding Funding startups accounted for nearly 64.70% indicates investors are actively reinforcing an “early-stage trap” and signals confidence in growth funds to co-invest at Series Dubai-based group) acquired landscape in 2024 presents a of all funding in 2024.  This bifurcation exploring broader opportunities common in many nascent Morocco’s entrepreneurial talent. A/B. The Moroccan government is Morocco’s Mubawab in 2018, and 
paradox of momentum and Rebounds Amid suggests that while VC confidence in beyond established verticals. ecosystems, where companies already moving in this direction and later backed Mubawab’s purchase 
growing pains. On one hand, top performers remains high, the Notably, AgriTech startups gained secure seed funding but find no However, the flip side of this the Mohammed VI Investment Fund of Jumia House Maghreb in 2019 . 
Moroccan startups showed Global Slowdown broader field of startups faced a momentum in 2024, reflecting clear path to Series A or B. If not early-stage focus is a marked lull (FM6I) is poised to play an important Similarly, Nigerian and other 
remarkable resilience amid a global capital squeeze. Early-stage rounds deliberate alignment with addressed, this bottleneck could in Series A and beyond. Few local role in catalyzing bigger investments African tech companies have 
venture downturn, nearly tripling (pre-seed and seed) continued at a Morocco’s strategic priority to slow the momentum of the broader investors concentrate on in the coming years . acquired Moroccan startups (such After a sharp contraction in 2023, 
their funding from 2023 and healthy clip, but there was a dearth modernize agriculture and the ecosystem. The challenge ahead is post-seed rounds, and scarcity of as Autochek’s acquisition of Kifal Morocco’s startup funding rebounded 
climbing to the 6th largest funding of later-stage funding for companies natural positioning as big market clear: widen the funnel of capital capital beyond Series A forces Without a deeper late-stage market, Auto in 2022) to expand into strongly in 2024, even as venture 
destination in Africa.  On the other aiming to scale, a point I will examine for innovative agritech products beyond current darlings, and ensure startups to seek international even the most successful Moroccan Francophone Africa . These deals capital remained tepid globally (less 
hand, structural gaps, from a further in this analysis. and services. DeepTech, though that scale-ready startups don’t backers once they reach a certain startups may struggle to fully scale are the best proof that Moroccan than 6% rise in total VC funding 
narrow exit pipeline to regional and still early-stage and modest in stall for lack of follow-on funding. scale . By the time a Moroccan or have to look abroad to do so, startups can be attractive targets globally). Moroccan startups 
gender imbalances, underscore total funding, accounted for startup needs, say, a $5–10 million which in turn feeds back into the for regional expansion plays when collectively raised about $94.96 
that early successes have yet to Sector Leaders around 10% of deal volume, round to fuel regional expansion, challenge of weak local exit the right conditions are gathered. million in 2024, a dramatic rise from 
translate into sustainable scale. In and Capital signaling rising investor interest in Early-Stage the pool of domestic investors opportunities. As it stands, the handful of exits just $33.26 million in 2023 . This surge this analysis, I will try to dissect the frontier technologies, albeit runs dry. Indeed, the internal data seen so far are exceptions to the defied broader regional headwinds: 
data behind Morocco’s recent Concentration cautiously and mainly driven by Energy vs. confirms only a handful of rule, not signs of an established North Africa’s funding had dropped 
funding trends (2022–2024) and specialized funds such as UM6P investors in Morocco can lead or trend.year-over-year, largely due to a 
interpret what they reveal about Ventures. Late-Stage Dip participate in Series A deals – a The Missing Exit pullback in Egypt, but Morocco’s 
the ecosystem’s maturity, pitfalls, Some stakeholders may find it gap that was evident in 2024’s The consequences of a weak exit upswing helped prevent a deeper 
and the strategic levers needed to counterintuitive that TravelTech In sum, Morocco’s 2024 funding numbers. While one large Series A 
Pipeline market cascade through the 
regional plunge.  In fact, 2024 saw 
unlock its next leap. dominated Morocco’s startup data reveals a dual investment One clear trend in Morocco’s grabbed headlines, most ecosystem. Venture capital firms Morocco join an exclusive group of funding in 2024, but given Morocco's strategy: capital is flowing heavily funding landscape is a strong tilt growth-stage needs were unmet. Perhaps the most glaring structural struggle to recycle capital when 
African markets (alongside Ghana longstanding position as Africa's into a few proven, scalable toward early-stage investment and This poses a risk: startups that challenge in Morocco’s startup exits are delayed or absent . This 
and Tanzania) that surpassed leading tourism destination ventures, while seed funding a corresponding gap at growth graduate from local seed landscape is the absence of a lack of liquidity creates a negative 
$50 million in annual startup funding, (attracting over 17.3 million visitors in remains active across a wider pool stage. Local venture capital and programs often pivot abroad for vibrant exit market. Despite the feedback loop: without exits, fewer 
even though it still lagged far behind 2024) it is more natural alignment of emerging startups. This mix of corporate venture investors have funding, potentially relocating or growth in startup formation and big tickets and new funds flow in 
the “Big Four” ecosystems of Nigeria, than anomaly. Nuitée’s exceptional concentration and diversity isn’t largely focused on pre-seed, seed, at least shifting their center of funding, the exit pathway remains and without funding, startups 
South Africa, Egypt, and Kenya.  The $48 million Series A significantly surprising in a maturing ecosystem: and pre-Series A deals . These gravity away from Morocco . The stubbornly narrow.  The numbers are struggle to grow to exit-worthy 
continent overall managed about skewed the sector distribution, it brings both stability and fertile stages oer high potential returns opportunity cost is significant. The telling: in the past three years, scale. Additionally, the absence of 
$3.2 billion across 534 deals in 2024, elevating TravelTech to capture 53% ground for future breakout and align with the ecosystem’s country loses some of the Morocco saw only about four secondary markets or acqui-hire 
signaling a stabilization after the of total startup funding. success. youth, so it’s not surprising that the economic impact and leadership substantial startup exits.  This is a pathways in Morocco further limits 
2023 slump.  Within this context, majority of investors prefer of its scale-ups just when they’re tiny fraction compared to regional options for partial exits or smaller 
Morocco’s recovery stands out as a Following TravelTech, Logistics and At the sector level, the same seed-stage startups.  The result is a poised to generate jobs and peers. In the same period, Egypt liquidity events. 
signal of resilience, which a Mobility accounted for roughly 12% of pattern holds: a handful of robust pipeline of new companies returns. witnessed 20+ exits and Nigeria over 
testament to the foundational work investments, underscoring Morocco’s industries, like TravelTech and getting initial funding and a dozen. 
of the past decade, yet it also geographic advantages as a regional FinTech, absorbed the majority validation.
08
MOROCCO STARTUP
ECOSYSTEM REPORT
Unlocking the ecosystem . To date, Al Mada Ventures Some of these eorts have begun, but The country is firmly on the map now and Innov’x have taken the lead in greater scale is needed . In addition, for venture investors, no longer a 
next Leap: paving the way at the growth-stage addressing biases among investors peripheral market but an emerging investment level. through awareness and diversity in hub in North Africa. Yet, the same 
What are the Without more late-stage fuel, many of investment teams can help more data underscores that Morocco has 
Morocco’s promising startups will stall women-led ventures get a fair not yet unlocked full throttle.
imperatives? or exit early. With it, we could see a evaluation. Morocco can point to a Key parts of the machine: 
leap in the number of scale-ups in the healthy roster of high-growth startups late-stage funding mechanisms, 
Taken together, Morocco’s 2024 next 2–3 years. founded or co-founded by women, exit routes, inclusivity across regions 
startup data we’re presenting in this tapping a well of talent that is and genders, all require tuning and 
Edition of the Entrepreneurship & 2- Strengthen Exit Pathways currently undercapitalized. acceleration. The current trajectory 
Venturing Magazine tells a story of To complete the venture cycle, is encouraging, but it’s not 
an ecosystem at a critical juncture. Morocco needs to actively foster an 4- Leverage Strengths & guaranteed. Absent intentional 
The country has proven it can exit-friendly environment. This could Embrace New Sectors: Morocco action, momentum risks plateauing, 
spawn startups and attract involve modernizing the stock market should build on what’s working – e.g. and the flame dimming. With them, 
early-stage capital even amid to accommodate tech IPOs (though fintech remains a strong bet given Morocco can shift into a higher gear 
Funding global downturn which is a strong IPOs may be farther o, laying demand for digital financial services, of ecosystem maturity.
sign of maturation and resilience. groundwork now helps), but more 
gap at while also positioning itself in frontier Acknowledgments:Yet, it’s equally clear that to reach immediately, it means stimulating sectors driving Africa’s tech boom. This initiative, built in co-creation 
the next level (sustainable scale and M&A. Policymakers might introduce Across the continent, areas like AI, with Startup Researcher, reinforces 
$5–10 global competitiveness), the key incentives for acquisitions. Moreover, climate tech, and Deeptech are our belief that startups are not only bottlenecks must be addressed. cultivating a mindset among attracting record funding . subjects of analysis, but also 
Here we outline several strategic Moroccan corporates that startups 
million Morocco cannot aord to miss these partners in building the tools that imperatives for Morocco’s are serious assets to boost inorganic waves. The country boasts map the future. Our mission is to innovation stakeholders (investors, growth will likely require showcasing competitive advantages (stability, empower startups by working 
stage policymakers, and ecosystem case studies where such acquisitions strategic location, bilingual talent, alongside them, and for this leaders) as they create the path led to mutual growth. As more exits and emerging R&D centers and initiative, we couldn't have found a 
forward: happen, even modest ones, VCs will universities) that can be used to lure better partner than a startup itself. 
gain liquidity to reinvest, and new startups and investors into these By developing this initiative in 
1- Catalyze Late-Stage investors will take notice of Morocco’s domains. Proactive steps could collaboration with Startup 
Capital: The shortage of Series A/B viable returns . In essence, Morocco include national programs for AI Researcher, an emerging and 
funding is perhaps the most must unblock the current bottleneck startups, cleantech incubators ambitious startup, we’re staying true 
immediate hurdle to overcome. around startup exits to trigger a aligned with Morocco’s renewable to our mission: to co-create 
Encouraging later-stage investment virtuous cycle of reinvestment and energy push, and linking Moroccan innovative tools alongside 
is crucial. This can happen by stronger capital inflows. Enabling talent with global research initiatives. entrepreneurs, for entrepreneurs, 
attracting international growth funds professional GPs to achieve their first Moreover, closer integration with shaping tomorrow’s ecosystem 
to Morocco (through partnerships, exits and build credible track records is Africa’s tech networks and engaging together. Their fresh perspective 
showcasing success stories, a critical step. This would empower a the Moroccan diaspora tech leaders and sharp understanding of the 
improving investor protections, new generation of fund managers to abroad, will help Moroccan startups ecosystem enriched the approach 
changing the perception of the risk raise larger vehicles, reinforcing a plug into the continental surge. and actionable intelligence in our 
profile of Moroccan startups) and by self-sustaining growth flywheel for the analysis.
scaling domestic funds capable of ecosystem.  
capturing the opportunity. The The openness of Morocco’s VCs and 
planned deployment of the 3- Champion Women Conclusion: ecosystem enablers enabled this 
Mohammed VI Fund (FM6I) is a timely Entrepreneurs: Making the Balancing Promise eort. Their data-sharing mindset intervention, it will boost VCs appetite ecosystem more inclusive for female allowed us to go beyond anecdotes 
for big late round tickets, mitigate risk founders is not just about fairness, and Urgency and build grounded insight which is in larger deals, and demonstrate that it’s smart economics. Stakeholders a signal of collective commitment to 
scaling in Morocco is viable . should double down on programs the country’s innovation arc.
Additionally, big Moroccan financial Morocco’s startup engine is indeed at a that support women-led startups, be 
institutions, corporations and crossroads. The data from 2024 paints it accelerator cohorts for women, Yassine Laghzioui
forerunners could allocate a portion a picture of an ecosystem that has mentorship networks pairing women 
of their investment budgets to a achieved lift-o, considerable founders with seasoned 
corporate venture capital arm or to early-stage dynamism, landmark deals, entrepreneurs, or gender-lens 
back VC funds, thereby injecting and resilience in the face of global investment funds that specifically 
patient growth capital into the adversity.invest in female entrepreneurs.
09
MOROCCO STARTUP
Unlocking the ecosystem.  To date, Al Mada Ventures Some of these eorts have begun, but The country is firmly on the map now 
ECOSYSTEM REPORT
and Innov’x have taken the lead in greater scale is needed.  In addition, for venture investors, no longer a 
next Leap: paving the way at the growth-stage addressing biases among investors peripheral market but an emerging investment level. through awareness and diversity in hub in North Africa. Yet, the same 
What are the Without more late-stage fuel, many of investment teams can help more data underscores that Morocco has 
Morocco’s promising startups will stall women-led ventures get a fair not yet unlocked full throttle.
imperatives? or exit early. With it, we could see a evaluation. Morocco can point to a Key parts of the machine: 
leap in the number of scale-ups in the healthy roster of high-growth startups late-stage funding mechanisms, 
Taken together, Morocco’s 2024 next 2–3 years. founded or co-founded by women, exit routes, inclusivity across regions 
startup data we’re presenting in this tapping a well of talent that is and genders, all require tuning and 
Edition of the Entrepreneurship & 2- Strengthen Exit Pathways currently undercapitalized. acceleration. The current trajectory 
Venturing Magazine tells a story of To complete the venture cycle, is encouraging, but it’s not 
an ecosystem at a critical juncture. Morocco needs to actively foster an 4- Leverage Strengths & guaranteed. Absent intentional 
The country has proven it can exit-friendly environment. This could Embrace New Sectors: Morocco action, momentum risks plateauing, 
spawn startups and attract involve modernizing the stock market should build on what’s working – e.g. and the flame dimming. With them, 
early-stage capital even amid to accommodate tech IPOs (though fintech remains a strong bet given Morocco can shift into a higher gear 
global downturn which is a strong IPOs may be farther o, laying demand for digital financial services, of ecosystem maturity.
sign of maturation and resilience. groundwork now helps), but more while also positioning itself in frontier Acknowledgments:
Yet, it’s equally clear that to reach immediately, it means stimulating sectors driving Africa’s tech boom. This initiative, built in co-creation 
the next level (sustainable scale and M&A. Policymakers might introduce Across the continent, areas like AI, with Startup Researcher, reinforces 
global competitiveness), the key incentives for acquisitions. Moreover, climate tech, and Deeptech are our belief that startups are not only 
bottlenecks must be addressed. cultivating a mindset among attracting record funding. subjects of analysis, but also 
Here we outline several strategic Moroccan corporates that startups Morocco cannot aord to miss these partners in building the tools that 
imperatives for Morocco’s are serious assets to boost inorganic waves. The country boasts map the future. Our mission is to 
innovation stakeholders (investors, growth will likely require showcasing competitive advantages (stability, empower startups by working 
policymakers, and ecosystem case studies where such acquisitions strategic location, bilingual talent, alongside them, and for this 
leaders) as they create the path led to mutual growth. As more exits and emerging R&D centers and initiative, we couldn't have found a 
forward: happen, even modest ones, VCs will universities) that can be used to lure better partner than a startup itself. 
gain liquidity to reinvest, and new startups and investors into these By developing this initiative in 
1- Catalyze Late-Stage investors will take notice of Morocco’s domains. Proactive steps could collaboration with Startup 
Capital: The shortage of Series A/B viable returns.  In essence, Morocco include national programs for AI Researcher, an emerging and 
funding is perhaps the most must unblock the current bottleneck startups, cleantech incubators ambitious startup, we’re staying true 
immediate hurdle to overcome. around startup exits to trigger a aligned with Morocco’s renewable to our mission: to co-create 
Encouraging later-stage investment virtuous cycle of reinvestment and energy push, and linking Moroccan innovative tools alongside 
is crucial. This can happen by stronger capital inflows. Enabling talent with global research initiatives. entrepreneurs, for entrepreneurs, 
attracting international growth funds professional GPs to achieve their first Moreover, closer integration with shaping tomorrow’s ecosystem 
to Morocco (through partnerships, exits and build credible track records is Africa’s tech networks and engaging together. Their fresh perspective 
showcasing success stories, a critical step. This would empower a the Moroccan diaspora tech leaders and sharp understanding of the 
improving investor protections, new generation of fund managers to abroad, will help Moroccan startups ecosystem enriched the approach 
changing the perception of the risk raise larger vehicles, reinforcing a plug into the continental surge. and actionable intelligence in our 
profile of Moroccan startups) and by self-sustaining growth flywheel for the analysis.
scaling domestic funds capable of ecosystem.
capturing the opportunity. The 
planned deployment of the 3- Champion Women Conclusion: The openness of Morocco’s VCs and ecosystem enablers enabled this 
Mohammed VI Fund (FM6I) is a timely Entrepreneurs: Making the Balancing Promise eort. Their data-sharing mindset intervention, it will boost VCs appetite ecosystem more inclusive for female allowed us to go beyond anecdotes 
for big late round tickets, mitigate risk founders is not just about fairness, and Urgency and build grounded insight which is in larger deals, and demonstrate that it’s smart economics. Stakeholders a signal of collective commitment to 
scaling in Morocco is viable.  should double down on programs the country’s innovation arc.
Additionally, big Moroccan financial Morocco’s startup engine is indeed at a that support women-led startups, be 
institutions, corporations and crossroads. The data from 2024 paints it accelerator cohorts for women, Yassine Laghzioui
forerunners could allocate a portion a picture of an ecosystem that has mentorship networks pairing women 
of their investment budgets to a achieved lift-o, considerable founders with seasoned
corporate venture capital arm or to early-stage dynamism, landmark deals, entrepreneurs, or gender-lens 
back VC funds, thereby injecting and resilience in the face of global investment funds that specifically 
patient growth capital into the adversity.invest in female entrepreneurs.
10
MOROCCO STARTUP
ECOSYSTEM REPORT
The 2024 Morocco
Startup Ecosystem
Report
Morocco’s Startup Funding in 2024
Resilience in a Shrinking Landscape
Number of Startup Investments in Morocco
2022-2024
2024 40
2023 40
2022 32
0 10 20 30 40
Startup Funding in Morocco
2022-2024
2024 $94.96 MILLION
2023 $33.26 MILLION
2022 $26.20 MILLION
$0 $20 $40 $60 $80 $100
MILLION MILLION MILLION MILLION MILLION MILLION
11
MOROCCO STARTUP
ECOSYSTEM REPORT
Moroccan startups navigate a Moroccan startups have laid a 
selective yet promising funding solid foundation over the past 
climate as the country continues to decade, the result of long-term 
position itself as a rising power and a eorts and strategic investments. 
regional hub. Despite a broader While 2024 brought its share of 
decline in African startup investment, challenges, it also carries a 
Morocco has maintained its position renewed promise and a stronger 
as a key player in the continent’s commitment to the future, 
booming entrepreneurial ecosystem, embodied in national ambitions 
a momentum that reflects the like the Maroc Digital 2030 
tangible outcome of years of strategy, which aims to accelerate 
deliberate and sustained innovation and digital 
ecosystem-building, driven by transformation at scale.
Morocco’s long-term national vision.
In 2024, Moroccan startups Startups that 
collectively raised approximately 
$94.96 million, securing the sixth raised funding in 
position among African nations in 
total funding. This achievement 2024
comes against a backdrop of 
shrinking venture capital activity, Despite headwinds, several 
both regionally and globally. Moroccan startups successfully 
raised capital in 2024.  These 
include:
Historical funding Nuitée: The revolutionary 
traveltech startup attracted $48 
trends between million in Series A funding as part 
of its drive to build the world’s 
2022 and 2023 leading “technology for hotel 
connectivity and distribution“.
According to the global technology 
investment firm Partech, the African Inyad: This fintech building 
startup funding landscape showed solutions that empowers small and 
signs of resilience in 2024. The medium businesses by helping 
continent’s burgeoning startup them sell, run, and grow their 
scene notably secured $3.2 billion in activities.
equity and debt through 534 deals. YoLa Fresh: The AgriTech startup, 
These figures indicate a return to whose primary aim is to directly 
steadiness following a significant connect smallholder farmers with 
drop in 2023. Although the sector has traditional retailers of fruits and 
yet to resume an upward trajectory, vegetables, raised $7 million to 
the African tech ecosystem remains secure its growing position in the 
comparatively strong against Moroccan produce supply chain 
broader global market trends. and gradually expand to other 
developing markets, most notably 
While North Africa’s funding dropped in Africa.
significantly year-over-year due 
largely to Egypt’s contraction, the 
resilience of the Moroccan 
ecosystem, which saw funding rise 
from $33.26 million in 2023 to
$94.96 million in 2024, prevented
the region from plummeting further. 
12
MOROCCO STARTUP
ECOSYSTEM REPORT
Funding breakdown
by sector
Startup Funding in Morocco by Sector 2024
OTHER
13.49%
AGRITECH
9.60%
FINTECH TRAVELTECH
11.60% 53.30%
LOGISTICS & MOBILITY
12.01%
* TravelTech figures include Nuitée's Series A round
Startup Investment Deals in Morocco
by Sector 2024
FINTECH
27.50%
OTHER
37.50%
Travel-
Tech 
soared to 
53% TRAVELTECH7.50% LOGISTICS & MOBILITY
of Morocco’s 17.50%
total startup DEEPTECH10.00%
funding
In 2024, TravelTech soared to align with market timing. FinTech 
53.30% of Morocco’s total startup secured the highest number of deals 
funding—driven mainly by Nuitée’s overall, reflecting continued trust in 
Series A—followed by Logistics digital finance solutions providers like 
and Mobility. While this Inyad, Tookeez, and ORA 
concentration reflects a standout Technologies. In keeping with global 
success story rather than a trends, investors prioritized startups 
deliberate sectoral orientation, it with proven business models, 
underscores the ability of Moroccan profitability potential, and 
startups to attract significant sustainable growth paths. AgriTech 
capital when strong fundamentals startups attracted increased 
interest, reflecting Morocco’s 
ambitious agriculture ambitions.
13
MOROCCO STARTUP
ECOSYSTEM REPORT
Investment breakdown
by stage in 2024
Startup Funding in Morocco by Stage 2024
PRE-SEED $4.03 MILLION
SEED $14.99 MILLION
PRE-SERIES A $7.00 MILLION
SERIES A $62.5 MILLION
UNDISCLOSED $6.42 MILLION
* Undisclosed rounds include funding rounds shared confidentially by investors but without
specifying the investment stage.
** The amounts include both initial and follow-on investments.
Startup Funding in Morocco by Stage 2024
PRE-SEED 13
SEED 14
PRE-SERIES A 2
SERIES A 5
UNDISCLOSED 6
* Undisclosed rounds include funding rounds shared confidentially 
by investors but without specifying the investment stage.
In 2024, Morocco’s funding landscape though many players remain local, this 
remained concentrated, with just reflects a progressively more complete 
three startups capturing over 64.7% of ecosystem. Key factors to support 
total capital. While late-stage rounds further growth include expanding 
were scarce, early-stage activity market reach and establishing barriers 
continued to gain momentum. The to entry.
noticeable rise in seed funding shows This evolving dynamic reflects a 
the ecosystem is evolving and starting maturing yet uneven ecosystem, where 
to build a solid pipeline of startups a critical challenge remains in securing 
ready to grow, a good sign that steady follow-on funding. Developing 
continuity is being ensured. clear and structured growth pathways, 
A common characteristic of Moroccan supported by both local and 
startups reaching Series A is the international investors, will be essential 
presence of strong founding teams, to nurturing high-potential startups and 
well-defined market focus, and converting early momentum into 
coverage of the full value chain. Even sustainable, long-term success.
14
MOROCCO STARTUP
ECOSYSTEM REPORT
Geographical Analysis:
Where did the money go ?
Notably, startup funding in territorial roots of innovation and the 
Morocco remains highly investor-driven imperative for growth 
concentrated in Casablanca, at scale, especially beyond the seed 
underscoring the city’s role as the stage.
country’s financial and 
entrepreneurial hub. While other Rather than seeing this as a 
regions show growing activity, they contradiction, it can be viewed as a 
continue to be underfunded and strength. Morocco’s regions are rich 
less represented in investment in sectoral challenges—agriculture, 
deals. Regional initiatives such as logistics, education, water, and 
Centres Régionaux climate—that have both local 
d’Investissement (CRI), relevance and global scalability 
Technoparks, UM6P’s Startgate, potential when approached with the 
and entrepreneurship centers at right models and execution.
public universities have started to As more startups emerge from 
provide essential support and dierent parts of the country, the 
infrastructure, helping to diversify challenge will be to better align local 
Morocco’s tech ecosystem beyond innovation with national and 
its main metropolitan centers. international investment 
Yet one of the ecosystem’s core logic—supporting founders to 
complexities remains: successful transform grounded insights into 
startups are expected to address scalable solutions, while maintaining 
large, scalable markets, while many strong territorial impact. Doing so will 
founders are initially anchored in strengthen the country’s pipeline of 
region-specific problems. This Series A-ready ventures and foster a 
creates a tension between the more resilient and distributed startup 
economy.
Gender Analysis: Where do
female-led startups stand?
Female entrepreneurship in inaccessible—logistics, informal 
Morocco is gaining momentum, but retail, banking technologies—a new 
structural gaps remain. As in many generation of Moroccan women is 
African markets, female-led proving that resilience and execution 
startups continue to capture only a matter more than legacy. These 
fraction of total venture funding, founders operate in highly 
despite growing awareness. operational or regulated 
However, this is not due to a lack of environments and are building 
ambition or talent. scalable, tech-enabled solutions in 
Across sectors once considered industries historically dominated by 
men.
15
MOROCCO STARTUP
At the investor level, diversity within fund management teams also plays a ECOSYSTEM REPORT
decisive role. Studies show that diverse GP teams are more likely to invest in Long-term growth will depend on Another ongoing challenge is the fostering confidence, visibility, and The country has strong research 
underrepresented founders, driving both impact and returns. reinforcing investor confidence, geographic concentration of access for women in institutions, ambitious sectoral streamlining regulatory frameworks, capital. While Casablanca remains entrepreneurship. As Morocco rolls policies, and growing startup 
and unlocking new pools of capital. A Morocco’s financial engine, it does out sets ambitious targets for job interest in these fields—but must 
stronger alignment between public not reflect the full extent of creation and entrepreneurial growth now translate that into 
"At Kalys, we are two female GPs. Out of 7 investments, we have already backed instruments and private actors is entrepreneurial potential across through digital and tech investment-ready innovation. This 
two female-led startups—one with 100% women founding team, the other joined also needed to fully realize Morocco’s the country. Encouragingly, entrepreneurship, mainstreaming means fostering synergies 
recently by a great and complementary male co-founder. We’ve also encouraged ambition of becoming a leading regional actors are actively gender inclusion is not only a matter between academia, startups, and 
a third portfolio company to rebalance its leadership team, which today includes regional hub for innovation. working to widen the pipeline of of fairness, but also of economic investors, while enhancing access 
50% women in management. These women are not only building exceptional One of the most pressing challenges investable projects in emerging necessity. More than ever, being a to funding and international
businesses—they’re becoming role models for the next generation of founders. is the lack of later-stage cities. Embedding business models woman founder can be a strength, as exposure. This involves policy 
What’s also encouraging is that we’re seeing more female leadership at the investments. While early-stage in local needs, and anchoring gender-focused initiatives gain support, research funding, and 
investment level. Morocco is particularly well-positioned on this front, with a funding, particularly at the seed and founding teams in regional momentum globally, increasingly fostering stronger connections 
growing number of VC funds either led by women, like Kalys Ventures, pre-seed levels, remains relatively realities, oers unique innovation shaping how capital and support are between startups and major 
EmergingTech, Outlierz, Maroc Numeric Fund, Renew Capital or Witamax—or with accessible, startups struggle to opportunities that deserve more allocated. Recognizing this shift is international investors. By building investment teams driven by women, such as UM6P Ventures, Azur Innovation Fund, 
Domseeds, Attijarwafa Ventures or BMCE Capital, to name just a few. This level of secure capital once they move attention. By creating incentives essential for women entrepreneurs to a well-balanced, geographically 
representation is rare in many other ecosystems." beyond their initial phases. This for investors to look beyond claim their space and seize emerging diverse, and sector-focused 
points to the importance of Casablanca, such as tax breaks opportunities. investment environment, Morocco 
structuring a mature growth for regional investments or has the potential to transform into 
Ghita Zniber, financing pathway, capable of government-supported incubators Finally, AI, Climate Tech, and FinTech a regional powerhouse for startupretaining and scaling high-potential in secondary cities, Morocco can are attracting record funding across innovation. The road ahead is General Partner Kalys Ventures ventures locally. unlock untapped innovation and the continent, yet Moroccan startups ambitious, but Morocco is steadily 
bring economic diversification to in these fields are still advancing. By building on its 
To address this, Morocco must foster new regions. underrepresented in major achievements, doubling down on To unlock the full potential of gender-inclusive innovation, the ecosystem must a more mature venture capital strategic sectors, and ensuring 
shift from awareness to structural action. That means: investment rounds. To compete with environment by attracting Gender inclusion is another area leading African startup ecosystems inclusive, scalable pathways for
• Incentivizing gender-lens investing through public and private capital, institutional investors, launching where Morocco, like every startup like Nigeria, Kenya, and South Africa, growth, the country is well
• Embedding equity in incubator and procurement programs, government-backed growth funds, ecosystem worldwide, faces Morocco must position itself as a positioned to become regional 
• And promoting more women into decision-making roles at all levels of the and encouraging local corporations persistent structural gaps. While leader in these high-growth sectors. powerhouse for startup innovation.
venture capital value chain, building on Morocco’s strong foundation of to invest in startups through the visibility of women 
female-led investment leadership. corporate venture capital initiatives. entrepreneurs is improving, 
Without these mechanisms, even the funding remains disproportionately 
Building an inclusive startup ecosystem is not just a moral imperative, it’s a most promising startups risk low. Yet, the foundations for 
strategic advantage. stagnation or relocating to change are taking shape: 
ecosystems with better financial institutional support is expanding, 
support. peer networks are strengthening, 
The future of startup funding and a new generation of female The Mohammed VI Investment Fund founders is redefining leadership in 
in Morocco (FM6I) is expected to play a pivotal tech. This is not a peripheral 
role in the coming years in this issue—it is a foundational one. 
regard, given Morocco’s quest to 
Even as global markets tighten, The country has entered a new These disparities often stem not increase financing for innovative 
Morocco’s 2024 funding phase—one marked not just by early only from structural barriers, but projects and position itself as a 
performance is a testament to the promise, but by the need to also from internal ones, such as regional startup hub. Indeed, with its 
resilience of its startup ecosystem. consolidate progress and scale the persistence of impostorstated commitment to fostering 
However, long-term growth will sustainably. For Morocco’s startup syndrome. In this context, strategic investments and deepening 
require a stronger commitment ecosystem to reach its full potential, empowerment platforms and public-private partnerships, the Fund
from both local and international several critical areas require urgent associations play a key role in is poised to bridge financing gaps 
investors, as well as enhanced attention. and accelerate the growth of 
regulatory frameworks to attract high-potential sectors across the 
foreign capital. country.
16
MOROCCO STARTUP
ECOSYSTEM REPORT Long-term growth will depend on Another ongoing challenge is the fostering confidence, visibility, and The country has strong research 
reinforcing investor confidence, geographic concentration of access for women in institutions, ambitious sectoral 
streamlining regulatory frameworks, capital. While Casablanca remains entrepreneurship. As Morocco rolls policies, and growing startup 
and unlocking new pools of capital. A Morocco’s financial engine, it does out sets ambitious targets for job interest in these fields—but must 
stronger alignment between public not reflect the full extent of creation and entrepreneurial growth now translate that into 
instruments and private actors is entrepreneurial potential across through digital and tech investment-ready innovation. This 
also needed to fully realize Morocco’s the country. Encouragingly, entrepreneurship, mainstreaming means fostering synergies 
ambition of becoming a leading regional actors are actively gender inclusion is not only a matter between academia, startups, and 
regional hub for innovation. working to widen the pipeline of of fairness, but also of economic investors, while enhancing access 
One of the most pressing challenges investable projects in emerging necessity. More than ever, being a to funding and international 
is the lack of later-stage cities. Embedding business models woman founder can be a strength, as exposure. This involves policy 
investments. While early-stage in local needs, and anchoring gender-focused initiatives gain support, research funding, and 
funding, particularly at the seed and founding teams in regional momentum globally, increasingly fostering stronger connections 
pre-seed levels, remains relatively realities, oers unique innovation shaping how capital and support are between startups and major 
accessible, startups struggle to opportunities that deserve more allocated. Recognizing this shift is international investors. By building 
secure capital once they move attention. By creating incentives essential for women entrepreneurs to a well-balanced, geographically 
beyond their initial phases. This for investors to look beyond claim their space and seize emerging diverse, and sector-focused 
points to the importance of Casablanca, such as tax breaks opportunities. investment environment, Morocco 
structuring a mature growth for regional investments or has the potential to transform into 
financing pathway, capable of government-supported incubators Finally, AI, Climate Tech, and FinTech a regional powerhouse for startup 
retaining and scaling high-potential in secondary cities, Morocco can are attracting record funding across innovation. The road ahead is 
ventures locally. unlock untapped innovation and the continent, yet Moroccan startups ambitious, but Morocco is steadily 
bring economic diversification to in these fields are still advancing. By building on its 
To address this, Morocco must foster new regions. underrepresented in major achievements, doubling down on 
a more mature venture capital investment rounds. To compete with strategic sectors, and ensuring 
environment by attracting Gender inclusion is another area leading African startup ecosystems inclusive, scalable pathways for 
institutional investors, launching where Morocco, like every startup like Nigeria, Kenya, and South Africa, growth, the country is well 
government-backed growth funds, ecosystem worldwide, faces Morocco must position itself as a positioned to become regional 
and encouraging local corporations persistent structural gaps. While leader in these high-growth sectors. powerhouse for startup innovation.
to invest in startups through the visibility of women 
corporate venture capital initiatives. entrepreneurs is improving, 
Without these mechanisms, even the funding remains disproportionately 
most promising startups risk low. Yet, the foundations for 
stagnation or relocating to change are taking shape: 
ecosystems with better financial institutional support is expanding, 
support. peer networks are strengthening, 
and a new generation of female 
The Mohammed VI Investment Fund founders is redefining leadership in 
(FM6I) is expected to play a pivotal tech. This is not a peripheral 
role in the coming years in this issue—it is a foundational one. 
regard, given Morocco’s quest to 
Even as global markets tighten, The country has entered a new These disparities often stem not increase financing for innovative 
Morocco’s 2024 funding phase—one marked not just by early only from structural barriers, but projects and position itself as a 
performance is a testament to the promise, but by the need to also from internal ones, such as regional startup hub. Indeed, with its 
resilience of its startup ecosystem. consolidate progress and scale the persistence of impostor stated commitment to fostering 
However, long-term growth will sustainably. For Morocco’s startup syndrome. In this context, strategic investments and deepening 
require a stronger commitment ecosystem to reach its full potential, empowerment platforms and public-private partnerships, the Fund 
from both local and international several critical areas require urgent associations play a key role in is poised to bridge financing gaps 
investors, as well as enhanced attention. and accelerate the growth of 
regulatory frameworks to attract high-potential sectors across the 
foreign capital. country.
17
MOROCCO STARTUP
ECOSYSTEM REPORT
Long-term growth will depend on Another ongoing challenge is the fostering confidence, visibility, and The country has strong research 
reinforcing investor confidence, geographic concentration of access for women in institutions, ambitious sectoral 
streamlining regulatory frameworks, capital. While Casablanca remains entrepreneurship. As Morocco rolls policies, and growing startup 
and unlocking new pools of capital. A Morocco’s financial engine, it does out sets ambitious targets for job interest in these fields—but must 
stronger alignment between public not reflect the full extent of creation and entrepreneurial growth now translate that into 
instruments and private actors is entrepreneurial potential across through digital and tech investment-ready innovation. This 
also needed to fully realize Morocco’s the country. Encouragingly, entrepreneurship, mainstreaming means fostering synergies 
ambition of becoming a leading regional actors are actively gender inclusion is not only a matter between academia, startups, and 
regional hub for innovation. working to widen the pipeline of of fairness, but also of economic investors, while enhancing access 
One of the most pressing challenges investable projects in emerging necessity. More than ever, being a to funding and international 
is the lack of later-stage cities. Embedding business models woman founder can be a strength, as exposure. This involves policy 
investments. While early-stage in local needs, and anchoring gender-focused initiatives gain support, research funding, and 
funding, particularly at the seed and founding teams in regional momentum globally, increasingly fostering stronger connections 
pre-seed levels, remains relatively realities, oers unique innovation shaping how capital and support are between startups and major 
accessible, startups struggle to opportunities that deserve more allocated. Recognizing this shift is international investors. By building 
secure capital once they move attention. By creating incentives essential for women entrepreneurs to a well-balanced, geographically 
beyond their initial phases. This for investors to look beyond claim their space and seize emerging diverse, and sector-focused 
points to the importance of Casablanca, such as tax breaks opportunities. investment environment, Morocco 
structuring a mature growth for regional investments or has the potential to transform into 
financing pathway, capable of government-supported incubators Finally, AI, Climate Tech, and FinTech a regional powerhouse for startup 
retaining and scaling high-potential in secondary cities, Morocco can are attracting record funding across innovation. The road ahead is 
ventures locally. unlock untapped innovation and the continent, yet Moroccan startups ambitious, but Morocco is steadily 
bring economic diversification to in these fields are still advancing. By building on its 
To address this, Morocco must foster new regions. underrepresented in major achievements, doubling down on 
a more mature venture capital investment rounds. To compete with strategic sectors, and ensuring 
environment by attracting Gender inclusion is another area leading African startup ecosystems inclusive, scalable pathways for 
institutional investors, launching where Morocco, like every startup like Nigeria, Kenya, and South Africa, growth, the country is well 
government-backed growth funds, ecosystem worldwide, faces Morocco must position itself as a positioned to become regional 
and encouraging local corporations persistent structural gaps. While leader in these high-growth sectors. powerhouse for startup innovation.
to invest in startups through the visibility of women 
corporate venture capital initiatives. entrepreneurs is improving, 
Without these mechanisms, even the funding remains disproportionately 
most promising startups risk low. Yet, the foundations for 
stagnation or relocating to change are taking shape: 
ecosystems with better financial institutional support is expanding, 
support. peer networks are strengthening, 
and a new generation of female 
The Mohammed VI Investment Fund founders is redefining leadership in 
(FM6I) is expected to play a pivotal tech. This is not a peripheral 
role in the coming years in this issue—it is a foundational one. 
regard, given Morocco’s quest to 
Even as global markets tighten, The country has entered a new These disparities often stem not increase financing for innovative 
Morocco’s 2024 funding phase—one marked not just by early only from structural barriers, but projects and position itself as a 
performance is a testament to the promise, but by the need to also from internal ones, such as regional startup hub. Indeed, with its 
resilience of its startup ecosystem. consolidate progress and scale the persistence of impostor stated commitment to fostering 
However, long-term growth will sustainably. For Morocco’s startup syndrome. In this context, strategic investments and deepening 
require a stronger commitment ecosystem to reach its full potential, empowerment platforms and public-private partnerships, the Fund 
from both local and international several critical areas require urgent associations play a key role in is poised to bridge financing gaps 
investors, as well as enhanced attention. and accelerate the growth of 
regulatory frameworks to attract high-potential sectors across the 
foreign capital. country.
18
MOROCCO STARTUP
ECOSYSTEM REPORT
Exits in Morocco
Inside Morocco’s Tech M&A and IPO Operations
Sarouty.ma Avito
Sarouty.ma FDV acquires
acquires SeleKtimmo.com Avito.ma from
Adevinta
2016 2020
Hightech Payment DabaDoc
System Orange MEA
HPS goes public MA-NAVETTE.com and AXA
on the Casablanca Glen Invest acquires Assurance
Stock Exchange MNF Ventures' stake in Maroc acquires
MA-NAVETTE.com 
2006 a majority 2019 stake in DabaDoc2021
2006
TO
2024
2014 2019
Avito Mubawab
Avito merges with Mubawab acquires
Bikhir.ma Jumia House
Maghreb
2018 2021
Mubawab Moteur.ma
EPMG acquires FDV moves from 
Mubawab 56.3% to 100%
ownership 
of Moteur
19
MOROCCO STARTUP
ECOSYSTEM REPORT
Chari Sle3ti
Chari acquires Cash Plus
Diago aquires Sle3ti
2022 2023
Vantage Payment 
Systems
Waystocap Cross Switch acquires a
MaxAB acquires 50% stake in Vantage
Waystocap Payment Systems
2021 2023
2022 2023
2021
Badeel Cloud Invest
Sofac acquires 2022 Equiti Group acquiresBadeel Cloud Invest
Chari
Chari acquires 2024
Karny.ma 
Kifal Auto
Autocheck acquires
KIFAL Auto
Guichet Maroc
El Mahdi El Majidi 
acquires a stake in 
Guichet following
the founder's buyback 
of CDG Invest's shares.
20
MOROCCO STARTUP
ECOSYSTEM REPORT Morocco’s tech exit scene packs a 2018 Mubawab acquisition - the firm The fintech sector shows particular The path forward depends on 
paradox: while startup creation is proceeded to back Mubawab’s dynamism - with CashPlus acquiring several critical factors: the 
booming, the exit pathway remains subsequent acquisition of Jumia Sle3ti and Sofac acquiring Badeel. emergence of more local acquirers, 
stubbornly narrow. The numbers tell House Maghreb in 2019. The strategy However, the numbers fall short of increased corporate participation, 
the tale—just one tech IPO in the appears clear: establish a foothold in global benchmarks. In mature reforms that make public markets 
country’s history (Hightech Morocco, then expand regionally. markets, corporate players typically more accessible to tech 
Payment System, 2006), and a MaxAB employed similar tactics, drive 30-40% of startup exits. companies, and crucially, the 
mere four substantial exits in the acquiring WaystoCap in 2021 to Morocco’s figures pale in comparison. continued maturation of startups 
past three years. Compare that to penetrate the Maghreb market. into compelling acquisition or IPO 
Egypt’s 20+ exits in the past three Autochek followed this template, The past three years have shown candidates. Current patterns 
years alone or Nigeria’s dozen-plus securing KIFAL Auto in 2022 to promise, particularly in fintech suggest an ecosystem prepared 
deals, and the disparity becomes establish its presence in and e-commerce. Beyond the for its next evolutionary phase. The
evident. Francophone Africa. The capital headline-grabbing deals, exit foundation exists—the question 
flows from all regions. Frontier Digital structures display increasing remains who will capitalize on it?
Yet beneath the surface, deal Ventures’ strategic buildup in sophistication. Chari’s strategic 
values are climbing - Frontier Morocco’s auto classifieds space approaches to growth and 
Digital Ventures acquired Avito.ma illustrates this evolution. After initial acquisition demonstrate the 
and Moteur.ma, while Chari investments in Avito.ma, FDV potential when local players 
acquired Diago in 2022. These continued expanding its presence innovate.
transactions signal a maturing through multiple operations, 
market. Chari’s strategic culminating in a final $1.2 million While discretion shrouds certain 
acquisitions showcase this investment to increase its stake in transactions in this market, the 
evolution - starting with the Moteur.ma from 56.6% to 100%, plus publicly announced deals paint a 
fintechfocused Karny.ma performance-linked compensation remarkably complete picture of 
acquisition in 2021, which brought reaching $400,000. Morocco’s tech exit activity. Yet the 
credit management capabilities to observable trends clearly suggest 
over 50,000 merchants. This deal Cross-border dynamics have evolved that Morocco’s tech exit scene
laid the groundwork for Chari’s beyond simple market entry plays. is evolving from modest transactions 
subsequent expansion. The landscape now features to substantial strategic plays. The 
sophisticated deal structures, key question isn’t whether the 
Looking at the patterns emerging earnout arrangements, and strategic market will mature; it’s who will drive 
since 2018, a shift from sporadic, consolidations. Mubawab’s evolution that maturation. Will domestic 
opportunistic deals to more from acquisition target to regional corporations step forward? Will 
strategic plays becomes apparent. acquirer illustrates this international buyers assert their
The acquisition trajectory reveals a transformation. Similarly, Chari’s dominance? Or will more companies 
maturing ecosystem where players expansion into Ivory Coast through follow HPS's path to the public 
are thinking bigger. While the its Diago acquisition represents markets, proving that the IPO route 
absence of IPOs might suggest calculated strategic positioning on a remains viable for Moroccan tech 
stagnation, it more likely reflects a regional scale. companies?
broader preference for strategic 
acquisitions—a pattern observed in The next 24 months could prove 
other emerging tech hubs before The corporate decisive. With inflationary pressures 
they hit their stride. conundrum aecting valuations and global tech buyers seeking opportunities, 
Cross-border Morocco’s exit market shows The plot thickens when examining potential. But timing alone won’t 
consolidation domestic corporate participation. suce - domestic players must While international players deploy engage more actively, and startups 
capital actively, Morocco’s corporate must reach the maturity and scale 
Yet, it would be misleading to view establishment remains largely on the that makes them attractive 
these transactions in isolation. The periphery. Bright spots exist - Orange acquisition targets. Morocco’s tech 
broader pattern reveals that many Middle East and Africa and AXA sector is overdue for its secondever 
significant exits have been driven Assurance Maroc’s joint acquisition public oering, following HPS's 
by international buyers seeking of DabaDoc in 2021, or Sofac’s success in 2006.
strategic entry points into the acquisition of Badeel in 2022.
Moroccan market. Consider EMPG’s 
21
MOROCCO STARTUP
Morocco’s tech exit scene packs a 2018 Mubawab acquisition - the firm The fintech sector shows particular The path forward depends on ECOSYSTEM REPORT
paradox: while startup creation is proceeded to back Mubawab’s dynamism - with CashPlus acquiring several critical factors: the 
booming, the exit pathway remains subsequent acquisition of Jumia Sle3ti and Sofac acquiring Badeel. emergence of more local acquirers, 
stubbornly narrow. The numbers tell House Maghreb in 2019. The strategy However, the numbers fall short of increased corporate participation, 
the tale—just one tech IPO in the appears clear: establish a foothold in global benchmarks. In mature reforms that make public markets 
country’s history (Hightech Morocco, then expand regionally. markets, corporate players typically more accessible to tech 
Payment System, 2006), and a MaxAB employed similar tactics, drive 30-40% of startup exits. companies, and crucially, the 
mere four substantial exits in the acquiring WaystoCap in 2021 to Morocco’s figures pale in comparison. continued maturation of startups 
past three years. Compare that to penetrate the Maghreb market. into compelling acquisition or IPO 
Egypt’s 20+ exits in the past three Autochek followed this template, The past three years have shown candidates. Current patterns 
years alone or Nigeria’s dozen-plus securing KIFAL Auto in 2022 to promise, particularly in fintech suggest an ecosystem prepared 
deals, and the disparity becomes establish its presence in and e-commerce. Beyond the for its next evolutionary phase. The
evident. Francophone Africa. The capital headline-grabbing deals, exit foundation exists—the question 
flows from all regions. Frontier Digital structures display increasing remains who will capitalize on it?
Yet beneath the surface, deal Ventures’ strategic buildup in sophistication. Chari’s strategic 
values are climbing - Frontier Morocco’s auto classifieds space approaches to growth and 
Digital Ventures acquired Avito.ma illustrates this evolution. After initial acquisition demonstrate the "Morocco’s startup ecosystem is 
and Moteur.ma, while Chari investments in Avito.ma, FDV potential when local players evolving, marked by stronger 
acquired Diago in 2022. These continued expanding its presence innovate. early-stage momentum, more 
transactions signal a maturing through multiple operations, experienced founders, and a more 
market. Chari’s strategic culminating in a final $1.2 million While discretion shrouds certain sophisticated venture capital 
acquisitions showcase this investment to increase its stake in transactions in this market, the landscape. As the ecosystem 
evolution - starting with the Moteur.ma from 56.6% to 100%, plus publicly announced deals paint a shifts, greater syndication among 
fintechfocused Karny.ma performance-linked compensation remarkably complete picture of investors becomes essential to 
acquisition in 2021, which brought reaching $400,000. Morocco’s tech exit activity. Yet the 
meet startups’ growing funding 
needs. Witamax exemplified this 
credit management capabilities to observable trends clearly suggest trend in 2024 by leading five 
over 50,000 merchants. This deal Cross-border dynamics have evolved that Morocco’s tech exit scene syndicated seed deals with larger 
laid the groundwork for Chari’s beyond simple market entry plays. is evolving from modest transactions ticket sizes, helping to accompany 
subsequent expansion. The landscape now features to substantial strategic plays. The and accelerate this transition.
sophisticated deal structures, key question isn’t whether the The real challenge now is to 
Looking at the patterns emerging earnout arrangements, and strategic market will mature; it’s who will drive accelerate the rise of 
since 2018, a shift from sporadic, consolidations. Mubawab’s evolution that maturation. Will domestic scale-ups—fast-growing, robust, 
opportunistic deals to more from acquisition target to regional corporations step forward? Will and globally competitive 
strategic plays becomes apparent. acquirer illustrates this international buyers assert their companies. This requires a deeper shift in mindset among key players, 
The acquisition trajectory reveals a transformation. Similarly, Chari’s dominance? Or will more companies the emergence of true growth 
maturing ecosystem where players expansion into Ivory Coast through follow HPS's path to the public operators, and a disciplined, 
are thinking bigger. While the its Diago acquisition represents markets, proving that the IPO route consortium-driven approach 
absence of IPOs might suggest calculated strategic positioning on a remains viable for Moroccan tech across the ecosystem. Public and 
stagnation, it more likely reflects a regional scale. companies? private stakeholders must unite 
broader preference for strategic around a shared vision to support 
acquisitions—a pattern observed in The next 24 months could prove scale-ups as we once did to create 
other emerging tech hubs before The corporate decisive. With inflationary pressures industrial champions. The goal is 
they hit their stride. conundrum aecting valuations and global tech 
not merely exits but fostering 
buyers seeking opportunities, visible, rooted, and influential 
companies that enhance economic 
Cross-border Morocco’s exit market shows sovereignty and position Morocco The plot thickens when examining potential. But timing alone won’t as a genuine innovation hub. It’s 
consolidation domestic corporate participation. suce - domestic players must time to move intentionally, While international players deploy engage more actively, and startups collectively, and ambitiously from 
capital actively, Morocco’s corporate must reach the maturity and scale advancement to maturity."
Yet, it would be misleading to view establishment remains largely on the that makes them attractive 
these transactions in isolation. The periphery. Bright spots exist - Orange acquisition targets. Morocco’s tech 
broader pattern reveals that many Middle East and Africa and AXA sector is overdue for its secondever Hiba Mrani Alaoui,
significant exits have been driven Assurance Maroc’s joint acquisition public oering, following HPS's Former Cofounder & GP 
by international buyers seeking of DabaDoc in 2021, or Sofac’s success in 2006. Witamax, now launching 
strategic entry points into the acquisition of Badeel in 2022. a new growth-focused 
Moroccan market. Consider EMPG’s venture fund
22
MOROCCO STARTUP
ECOSYSTEM REPORT
Morocco’s VC Evolution:
Early-Stage Focus and Future Prospects
Morocco's venture capital (VC) By acknowledging these challenges 
ecosystem has undergone early and addressing them through 
significant transformation. It is targeted initiatives, Morocco is laying 
now gaining ground as a budding the foundations for a more resilient, 
hub for early-stage innovation. innovation-driven, and globally 
This evolution aligns with a competitive startup economy.
broader national ambition to 
leverage entrepreneurship as a 
socio-economic catalyst, 
especially for youth empowerment 
and human capital development. Foundation 
Building: Key 
Current Players and 
Landscape: Initiatives
Momentum and Much of the ecosystem’s progress 
Gaps stems from foundational work over the past decade at the ideation and 
pre-seed levels. Tamwilcom (formerly 
While early-stage funding has CCG) has played a pivotal role by 
gained momentum, Morocco's VC pioneering startup financing tools 
market remains in a phase of and risk-sharing mechanisms, laying 
consolidation. Persistent challenges the groundwork for early-stage 
include limited late-stage capital, capital. This has been 
underdeveloped exit mechanisms. complemented by a robust network 
There is also a pressing need for a of incubators and accelerators and 
regulatory framework that not only university programs. These actors 
safeguards market integrity but have supported startup 
actively enables innovation, capacity-building and mentorship, 
cross-border investment, and the helping to structure a reliable deal 
emergence of an internationally flow. 
connected startup ecosystem, 
including stronger ties with the Investors have been instrumental in 
Moroccan diaspora.  Encouragingly, shaping the market, yet the country’s 
recent policy shifts signal a growing venture ecosystem still lacks the 
institutional commitment to liquidity and late-stage capital 
regulatory modernization. However, required for sustainable long-term 
as structural reforms in capital growth. 
markets and regulatory However, compared to more 
ecosystems are inherently complex established ecosystems, Morocco 
and long-term, reaching the next remains in the early stages of 
phase will require sustained building a robust investment 
commitment and strategic landscape. The influx of venture 
patience. capital firms has created 
momentum, but scaling companies 
to successful exits remains a hurdle.
23
MOROCCO STARTUP
"The regulatory framework still As the number of venture-backed ECOSYSTEM REPORT
lags behind the pace of startups increases, the ability to 
innovation driven by startups. sustain this growth will depend on 
Moreover, large corporates oer the expansion of funding 
limited support to startups, availability beyond early-stage 
making partnerships rare and 
constrained, falling short of the rounds. Investors are becoming 
expectations of VC funds that more sophisticated, diversifying 
have taken the risk of investing into dierent industries and 
in early innovation. In this context, exploring deeper integration with 
the launch of a report by UM6P, regional and global markets. 
a key player in Entrepreneurial However, the establishment of 
Morocco's value chain, comes at Morocco as a key venture capital 
a timely moment. It serves both destination, systemic barriers such 
as an observatory and a source as exit constraints, post-Series A 
of actionable insights for local funding shortages, and limited 
and international stakeholders, 
shedding light on the progress corporate participation must be 
achieved and the structural addressed.    
challenges that remain within the 
ecosystem."
Khalil El Azzouzi, Evolution of 
Founding Partner of Azur Venture 
Innovation Fund Capital
investment
"VC funding post-Series A is still Year of Establishment 
lacking in Morocco, with only one of Currently
Moroccan player – Al Mada 
Ventures, positioned to provide Active Moroccan
funding at this stage, and more Venture Capital Firms
recently CDG Invest. However, we 
believe it’s not the capital that is 
lacking but the number of 2010-2015 
opportunities at Series A/B at the 5.00% 2015-2020
moment. This reflects the current 30.00%
maturity of the ecosystem and 
the need to fuel more companies 
at early-stage to enable them to 
grow and attract local, regional 
and global investors at later 
stages. We are certain that when 
these opportunities will rise, the 
capital will come. It has already 
been the case at Seed and 
Pre-Series A stage, with an 
increasing number of regional and 
pan-African VC firms backing 
companies in Morocco these past 
few years."
Kenza Lahlou, 2020-202565.00%
Managing Partner,
Outlierz Ventures *The term 'VC' in this report includes both venture 
capital firms
and corporate venture capital entities (CVCs).
24
MOROCCO STARTUP
ECOSYSTEM REPORT The Moroccan investment landscape has evolved through three distinct 
phases, each shaped by broader economic and policy changes. 
Early 2000s: Although the 2000s introduced Moroccan venture capital through 
legacy funds such as Sindibad by CDG, Dayam Fund by Sherpa, and Upline 
Technologies by Upline Group, it was between 2010 and 2015 that structured 
venture capital truly began to take hold, albeit with slow adoption during those 
early years.
"Venture Capital (VC) in Morocco dates to the 1990s with the launch of the first VC 
Moussahama fund, followed by Sindibad in 2002. The arrival of Dayam by Sherpa 
in 2008, then MNF Ventures in 2010, although with small sizes (less than 5 million 
dollars), has each in its own way contributed to the building of the entrepreneurial 
ecosystem in Morocco. The turning point came with the government’s Innov Invest 
initiative in 2017, led by Tamwilcom (ex-CCG), which instilled a real dynamic into 
the entrepreneurial ecosystem by supporting both incubators and VC funds."
Khalil El Azzouzi,
Founding Partner of Azur Innovation Fund
2010–2015: Maroc Numeric Fund, now MNF Ventures, became the first 
institutional fund to enter the market in 2010, setting the foundation for an 
ecosystem primarily focused on digital startups.
"Over the past few years, and since the start of its operations in 2010, MNF 
Ventures has been a pioneering and structuring player in Morocco’s 
entrepreneurial ecosystem. Drawing on its historical positioning, the fund has 
witnessed a profound transformation of the entrepreneurial landscape, evolving 
from a fragmented dynamic to a more structured, competitive environment 
increasingly centered on innovation with impact."
Dounia Boumehdi,
Managing Director of MNF Ventures
25
MOROCCO STARTUP
Despite this early momentum, investment activity remained limited in the early ECOSYSTEM REPORT
years. Investor risk appetite was low, and access to institutional capital was 
scarce.
2015–2020: Between 2015 and 2020, the market gradually evolved, with the 
emergence of new investors such as Azur Innovation, Outlierz Ventures, and 
EmergingTech Ventures, adding further depth and diversity to the venture 
capital landscape.
"Outlierz Ventures was launched in 2018 as the first Morocco-based VC firm with a 
pan-African strategy, investing in high-growth tech startups across the 
continent’s key tech hubs from day one. The fund backs founders at Pre-Seed, 
Seed and Pre-Series A digitizing traditional industries and closing infrastructure 
gaps across key sectors of the economy. Since 2019, through its first and second 
fund, Outlierz has backed 19 companies across 6 key markets: Morocco, Tunisia, 
Senegal, Egypt, Nigeria and Kenya, with clear winners and a first exit.
Outlierz is launching its second fund, anchored by large institutional Moroccan and 
regional LPs, to continue backing outstanding founders building category defining 
businesses with a regional or global scale."
Kenza Lahlou,
Founder & Managing Partner of Outlierz Ventures
Building on this momentum, other initiatives have emerged to further structure 
and strengthen Morocco’s venture capital landscape.The launch of 212 
Founders in 2019 under CDG Invest played a decisive role in reshaping 
early-stage financing, shifting investments from fragmented individual deals 
to structured fund deployments. In this context.
"As one of the most active venture capital actors in Morocco, 212 Founders by CDG 
Invest has played a catalytic role in shaping the Moroccan startup ecosystem. 
Over the past years, our program has helped foster a culture of innovation, 
ambition, and global competitiveness by supporting over 135 startups through 
mentoring and acceleration programs, and directly investing in 24, achieving 2 
successful exits to date.
We have also fostered strong co-investment dynamics with local and international 
VCs to strengthen the funding landscape. Our approach has evolved alongside our 
entrepreneurs: while we initially focused on pre-seed and seed-stage investments, 
we are now expanding our scope to support more mature startups through two 
new initiatives. Expand212 is designed to accelerate international growth for 
high-potential scale-ups, while HQ212 positions Morocco as a strategic base for 
global startups looking to enter the African market. We envision Morocco not just 
as a launchpad, but as a long-term hub for innovation, global expansion, and 
sustainable economic growth."
Nawfal Fassi Fihri,
Director of 212 Founders
26
MOROCCO STARTUP
ECOSYSTEM REPORT The arrival of more institutional players significantly improved access to 
capital and brought greater structure to early-stage financing. However, 
despite this progress, exit mechanisms have yet to mature at the same pace, 
limiting broader institutional participation and long-term capital recycling. 
Among the most promising levers to address this challenge are stronger local 
and international co-investment practices, improved collaboration between 
investors, and the emergence of a more sophisticated deal flow.
"We are now witnessing the emergence of a more circular ecosystem. Early-stage 
actors have helped build a quality deal flow that local VCs are able to support. It is 
also worth highlighting the increasingly collaborative mindset among local 
investors, who are turning more frequently to local and international syndication 
practices to increase round sizes, strengthen the positioning of their portfolio 
startups, and support their international reach."
Dounia Boumehdi,
Managing Director of MNF Ventures
Post-2020 Acceleration: Since 2020, aims to bring significant financial 
Morocco’s VC landscape has firepower and a long-term perspective
expanded notably with the launch of to the country’s innovation ecosystem.
several important funds that reflect 
a growing and diversified ecosystem. This uptick in new players signals a 
Among these are Kalys Capital, maturing ecosystem, yet the rapid 
targeting tech innovation; Wita expansion also raises questions 
Ventures, focusing on digital and around capital eciency and 
innovative startups; Afrimobility, overlapping mandates, calling for 
investing in mobility and emerging continued coordination to maximize 
tech, and Attijari Ventures, the impact.
corporate venture capital arm of 
Attijariwafa Bank.
UM6P Ventures, benefiting from its "In recent years, the emergence of 
integration within the broader UM6P VCs backed by major Moroccan 
ecosystem, focuses on deeptech corporations has highlighted the 
and digital transformation, providing growing importance these large 
startups not only with capital but groups place on innovation, as a true factor for dierentiation and 
also access to research competitiveness. These VCs aim to 
infrastructure, technical expertise, bridge the gap between the 
and collaboration opportunities with corporate world and startups, 
academic and industry partners. providing smart money by fostering 
This integrated approach addresses synergies between their investors and 
a critical gap in the market while startups. Our fund, Fonds Capital 
acknowledging the patient nature of Venture, launched at the initiative of 
building science-based ventures the BMCE Capital Group and 
rooted in African talent and co-financed by leading Moroccan 
ambition. corporates, is fully aligned with this approach."
Another strageic player is Al Mada 
Ventures (AMV), a $110M Venture 
Capital fund, investing in Seed to 
Series B opportunities, which signals Zineb Megzari,
strong private-sector trust in Deputy Managing Director 
Morocco’s startup economy that BMCE Capital Investments
27
MOROCCO STARTUP
Portfolio Size and Market ECOSYSTEM REPORT
Penetration
Portfolio Size of Active Moroccan Venture
Capital Investors
+20
25.00%
0-10
50.00%
10-20
25.00%
"Africa is evolving and Morocco is at the forefront of that change. As we look 
ahead, Al Mada Ventures remains deeply committed to creating lasting value that 
transcends industries and borders. Together with our ecosystem peers, we are 
shaping the legacy of transformation - one that positions Africa as a global leader 
in innovation and impact. Join us in shaping the future of the world through Africa."
Omar Laalej,
Managing Director Al Mada Ventures (AMV)
Moroccan VC firms follow a pattern of A second tier of investors, including 
concentrated investment, where a First Circle Capital, MNF Ventures, 
few institutional players hold large and UM6P Ventures, holds 
portfolios while many firms take a portfolios of nearly 30 startups. 
cautious approach. Many investors Afrimobility and 212 Founders 
support fewer than ten startups, follow closely, signaling their 
which mirrors their preference for position as institutional investors 
highly selective, hands-on capable of managing larger deal 
investments. This cautious strategy flows. These firms represent the 
aligns with the ecosystem’s core of Morocco’s venture capital 
early-stage focus but slows capital landscape, but the concentration of 
recycling.  capital within a few entities creates Portfolios
potential funding gaps for startups 
outside their portfolios. of nearly
30
startups
28
MOROCCO STARTUP
ECOSYSTEM REPORT A small group of firms, including AMV, and Wita Ventures, has recently 
crossed the 10-startup threshold, which indicates the first signs of a more 
mature ecosystem. Yet these firms remain exceptions, and their ability to 
scale investments further depends on deal flow and deepening the exit 
market, even as initiatives like AMV, with $110 million in capital, signal growing 
interest in startup funding.
Exit market: A core bottleneck
Number of Exits by Active Moroccan 
Venture Capital Investors
+5
5.00%
2-5
25.00%
0-1
70.00%
The Moroccan VC ecosystem faces A small group of firms has recorded 
structural constraints due to a lack multiple exits, though most remain 
of exits. Most investors report no below five. The limited number of 
more than one exit, limiting capital successful liquidity events suggests 
recycling and discouraging that Moroccan startups struggle to 
high-net-worth individuals, scale to exit-worthy valuations. This 
development finance institutions, lack of exits creates a negative 
and sovereign wealth funds from feedback loop, preventing the 
engaging with the market. Without broader institutionalization of 
stronger exit mechanisms, VC firms venture capital. The absence of 
must hold investments longer than strong secondary markets and 
planned, delaying returns and mergers and acquisitions further 
creating liquidity constraints. constrains investors seeking liquidity.
29
MOROCCO STARTUP
Morocco’s VC strategy shift ECOSYSTEM REPORT
Target Investment Stages of Active Moroccan 
Venture Capital Investors
PRE-SEED 9
SEED 17
PRE-SERIES A 12
SERIES A 10
POST-SERIES A 2
0 5 10 15 20
The Moroccan market remains heavily oriented toward early-stage 
investments, particularly at the pre-seed, seed, and pre-series A stages. The 
majority of investors prefer seed-stage startups, as this phase presents the 
highest potential for value creation. Few investors focus on Series A and 
beyond, which points to the limited size of the ecosystem and the challenges 
of securing larger rounds of funding.
The scarcity of post-Series A investors forces startups to seek international 
backers once they reach a certain scale. This dynamic presents both an 
opportunity and a risk. While Moroccan startups gain access to global 
markets and international investors, they often shift focus away from 
Morocco, limiting the local impact of venture capital investments. Some 
investors, including 212 Founders by CDG Invest, have begun allocating 
capital to later-stage rounds, signaling a potential shift in investment 
strategy. With FM6I’s upcoming involvement in the ecosystem, more 
investors will likely follow suit, allowing Morocco could develop a more 
structured late-stage investment market and reduce the need for external 
capital.
"We believe Morocco’s ecosystem is at a tipping point with the launch of the Fund 
Mohammed VI FoF initiative that will provide more capital for the ecosystem, 
attract local and regional VCs, and stimulate dealflow creation.
As a Morocco-based African player, Outlierz is bullish on Morocco and keen to 
support more outstanding founders building leading regional or global tech 
businesses that will redefine key industries and improve Morocco's competitivity
on a global level."
Kenza Lahlou,
Founder & Managing Partner of Outlierz Ventures
30
MOROCCO STARTUP
ECOSYSTEM REPORT Unlocking Cross-border integration oers another pathway for growth. By 
Morocco’s strengthening connections with African and European investment 
venture potential networks, Moroccan startups could 
access broader capital pools and 
strategic partnerships. The country’s 
Morocco’s venture capital geographic position makes it 
ecosystem has evolved drastically, well-suited for this approach, yet it 
but key structural challenges requires stronger engagement from 
remain unresolved. The absence of policymakers and investors.  
exit liquidity stands out as the most 
pressing issue. Without stronger 
secondary markets, corporate 
acquisitions, or IPO-ready startups, 
investors will continue to face A maturing 
constraints in generating returns. 
Encouraging later-stage ecosystem at a 
investments from sovereign wealth 
funds and development finance critical stage
institutions could improve the 
availability of growth capital, Morocco’s venture capital market 
allowing startups to scale without stands at a turning point. While 
relying solely on international investors such as UM6P Ventures, 212 
funding.This shift will be key to Founders, and Afrimobility have 
unlocking Morocco’s full venture played a pivotal role in accelerating 
potential and positioning it as a early-stage funding, fundamental 
leading innovation hub in Africa. gaps remain. Exit constraints, 
late-stage funding shortages, and 
Sectoral diversification presents sectoral concentration limit the 
another opportunity for Morocco’s market’s ability to scale. Addressing 
investment ecosystem. While digital these issues through institutional 
startups have dominated early engagement, capital market reforms, 
investments, emerging sectors and strategic cross-border 
such as fintech, agritech, and deep integration will determine whether 
tech could benefit from targeted Morocco emerges as a sustainable 
capital allocation. Expanding into venture capital hub or remains 
these sectors would enhance constrained by its structural 
Morocco’s competitiveness and limitations.
create a more resilient venture 
capital market. 
31
MOROCCO STARTUP
ECOSYSTEM REPORT
32
MOROCCO STARTUP
ECOSYSTEM REPORT
Why Morocco Is Becoming
a Hotspot for Global Startup
Investment
While Nigeria, Kenya, Egypt, and In the past five years, 87 international 
South Africa—Africa’s “Big investors have placed their bets on 
Four”—have long dominated Moroccan innovation. This isn’t 
headlines, Morocco is crafting its happenstance. It’s the product of 
own compelling narrative in the calculated policy shifts, market 
continent’s startup scene. The realignment, and ecosystem 
kingdom’s methodical ascent has sophistication that positions 
caught the attention of global Morocco as the next frontier of 
investors. African tech.
International Investors Inversting in Moroccan 
Startups by Region (2020-2024)
37.93%
33.33%
5.75% 2.30%
19.54%
1.15%
The metrics paint an intriguing Eastern, Asian Pacific, and Latin 
picture. European investors, led by American players. Yet these 
firms like Partech and Baobab percentages merely hint at 
Network, command 37.93% of Morocco’s emerging role as the 
international participation. strategic nexus between European 
This isn’t surprising given Morocco’s capital and African opportunity.
closeness to Europe and
deep-rooted economic ties with The geographic arbitrage: Why 
countries like France. global capital is flowing into Morocco 
this geographic diversity isn’t 
What’s more intriguing is the strong accidental. Morocco’s startup 
North American presence (33.33%), ecosystem has benefited from what 
represented by heavyweight can be called a “proximity 
investors including Accel, Endeavor premium”—the ability to serve as a 
Catalyst, and FJ Labs. African testing ground for business models 
investors claim 19.54%. The that can work in European, Middle 
remainder splits between Middle Eastern, and African markets.
33
The country’s unique position allows startups to develop solutions that MOROCCO STARTUP
are sophisticated enough for European and Middle Eastern standards ECOSYSTEM REPORT
while being adaptable enough for African markets. Think of it as if local 
startups are developing solutions sophisticated enough for Paris and 
Dubai, yet adaptable enough for Abidjan
Investment Activity of International Investors in
Moroccan Startups (2020-2024)
FINITECH LOGISTICS AND AGRITECH
SECTORS MOBILITY
29.31% 20.69% 8.62%
58
DEALS
PRE-SEED SEED PRE-SERIES A+
STAGES 29.31% 41.38% 29.31%
The data shows that over the past ve The concentration of investments 
years, 58 deals featured at least one at the seed stage indicates that 
international investor, with 29.31% international investors are nding a 
concentrated in FinTech. Companies sweet spot—companies that have 
like Chari, Paytic, and Wafr have proven their concept locally but 
become the poster children for this need capital to scale. This staging 
investment  thesis, demonstrating of investments suggests a 
how local solutions can scale maturing ecosystem where risk is 
regionally. being carefully calibrated against 
growth potential.
The logistics and mobility sector, 
accounting for 20.69% of The equal split between pre-seed 
international investments, follows a and pre-Series A+ rounds points to 
similar pattern, with companies like another key insight. International 
Logidoo and Freterium leveraging investors aren’t just waiting for 
Morocco’s strategic position as a proven business models; they’re 
cross-continental trade hub. increasingly willing to bet on 
early-stage innovations. Nowhere 
The distribution of international is this more apparent than in 
capital across startup stages reveals AgriTech, where companies such 
sophisticated investor thinking. The as YoLa Fresh, Sowit, Sand to 
data shows a clear preference for Green, and Terra have attracted 
seed-stage investments (41.38% of international investment despite 
deals), followed by an even split being in relatively early stages.
between pre-seed (29.31%) and 
pre-Series A+ (29.31%). This 
distribution pattern suggests 
something crucial about how 
international investors view the 
Moroccan market.
34
MOROCCO STARTUP
ECOSYSTEM REPORT The institutional shift: A new
power dynamic
International Investors Investing in Moroccan Startups 
by Type (2020-2024)
OTHER
21.48%
VC FIRMS
39.08%
INCUBATORS
 AND ACCELERATORS
11.49%
ANGEL INVESTORS/NETWORKS
27.59%
The makeup of international The data a firms a fundamental 
investors in Morocco’s startup evolution in investor behavior: 
ecosystem reects a well-structured international  players are no longer 
blend of institutional capital. passive capital providers but active 
Venture capital firms take the lead, architects of Morocco’s emerging 
accounting for 39.08%, followed by startup ecosystem. This is 
angel investors and networks at exemplified by the localized presence 
27.59%, and incubators or of global and regional investment 
accelerators at 11.49%. This entities such as Flat6Labs, Plug and 
diversity is key to the ecosystem’s Play, Renew Capital, and Sawari 
growth, as each investor type Ventures. These establishments are 
brings unique resources—financial, not peripheral; they serve as 
strategic, and operational—to the operational beachheads. 
table.
Traditional venture 
capital—represented by rms like 
Algebra Ventures and Venture 
Souq—now coexists with corporate 
venture arms and family o ces. 
Global accelerators such as 
Y Combinator, 500 Global, and 
Station F have added their weight 
to the equation, providing not just 
capital but also global networks 
and expertise.
35
MOROCCO STARTUP
Notable Investors that have established local ECOSYSTEM REPORT
presence in Morocco
Morocco’s startup scene represents more than an emerging market 
opportunity.
It’s a masterclass in deliberate ecosystem building. Yes, challenges persist in
scaling companies to exit-ready status. But the current trajectory suggests
something more profound: a market capable of generating venture-scale
returns while building lasting innovation capacity. Morocco is fast becoming 
a case study in how global capital, when paired with homegrown innovation, 
can reshape the trajectory of emerging tech ecosystems—setting a 
precedent for other markets to follow.
36
MOROCCO STARTUP
ECOSYSTEM REPORT
The Moroccan Diaspora: marketing through Dharma, a platform that partners with global brands andinfluencers to create passion-driven adventures. Kamal Reggad is building 
RemotePass, a platform that raised $5.5 million in Series A funding last year
A Strategic Engine for Entrepreneurial to enable companies to manage remote teams in over 150 countries, while 
Karim Dakki leads Klaim.ai, fintech transforming healthcare payments that 
Prowess recently secured $26 million in funding, including a $10 million Series A equity 
round from Mad’a Investments and CDG Invest. These ventures reflect not 
The Moroccan diaspora is a force expertise, capital, and expansive only individual brilliance but also a collective presence that is redefining 
to be reckoned with when it comes networks to catalyze economic Moroccan innovation in the Gulf.
to shaping the country’s growth. Their impact transcends 
entrepreneurial landscape, but it commercial success as they strive to 
often goes unnoticed. create a network of knowledge 
Across industries, renowned transfer, investment, and 
Moroccan entrepreneurs are high-caliber mentorship that will 
leading transformative ventures further fortify Morocco’s business 
abroad, where they deploy their outlook.
A vanguard of global influence
Many leading Moroccan entrepreneurs honed their expertise in competitive 
global industries before channeling it into ventures that have the potential 
to elevate Morocco’s economic standing. These entrepreneurs helm 
pioneering enterprises in healthcare, ntech, and deep technology. Their 
command over global markets  endows them with strategic benefits and 
allows them to position Moroccan innovation onto the world map.
"Entrepreneurs from the Moroccan diaspora evolve in some of the world’s most 
competitive ecosystems ,where resilience, precision, and strategic agility are a 
necessity, not a choice.  When this sharpened edge meets the untapped potential 
of Africa, it creates fertile ground for building ventures of truly global ambition."
Karim Amor,
President of the Moroccan diaspora of entrepreneurs at CGEM
Middle East
Anass Boumediene Charaf El Mansouri Kamal Reggad Karim Dakki Mehdi Oudghiri
Co-founder Co-Founder & CEO Co-Founder & CEO Co-Founder Co-founder
 & co-CEO & CEO  & co-CEO
From the dynamic startup hubs of the Middle East, a new wave of Moroccan 
entrepreneurs is shaping industries with bold ideas and global ambition. 
Among  them are Anass Boumediene and Mehdi Oudghiri, co-founders of 
Eyewa, a leading eyewear platform in the UAE that closed a $100 million 
Series C round in  2024, and Charaf El Mansouri, who is redening experiential 
37
MOROCCO STARTUP
ECOSYSTEM REPORT
marketing through Dharma, a platform that partners with global brands and 
influencers to create passion-driven adventures. Kamal Reggad is building 
RemotePass, a platform that raised $5.5 million in Series A funding last year 
to enable companies to manage remote teams in over 150 countries, while 
Karim Dakki leads Klaim.ai, fintech transforming healthcare payments that 
recently secured $26 million in funding, including a $10 million Series A equity 
round from Mad’a Investments and CDG Invest. These ventures reflect not 
only individual brilliance but also a collective presence that is redefining 
Moroccan innovation in the Gulf.
North America
Nabil Jallouli Othman Laraki Saad Bahir Said Ouissal Younes Jallouli
Co-Founder Co-Founder Co-Founder  Founder Co-founder &
& CEO & CEO & CTO & CEO  Head of Product
Across North America, Moroccan founders continue to scale high-impact 
ventures. In the United States, Othman Laraki leads Color, a $4.6 billion 
unicorn delivering virtual care for cancer prevention and treatment, while 
Said Ouissal’s Zededa, with over $140 million in funding, simplifies edge 
computing infrastructure for enterprises. Nabil Jallouli, Younes Jallouli, and 
Saad Bahir are building Rollstack, an AI-powered tool that automates 
business documents and slide presentations. Their work signals the breadth 
of Moroccan-led innovation, ranging from healthcare to enterprise tech, 
deeply integrated within global ecosystems. 
Europe
Adil Bouhdadi Asmaa Chakir Alaoui Tarik Dadi Amine Raji Yassine Tahi
Co-founder & Co-founder & Co-founder & Co-founder & Co-founder &
CEO CEO CEO CEO CEO
In Europe, entrepreneurs like Yassine Tahi (Kinetix), Asmaa Chakir Alaoui 
(VelyVelo), and Adil Bouhdadi (Autone) are contributing to the continent’s 
digital and sustainable transition. Kinetix transforms videos into 3D 
animations using  AI, while VelyVelo supports last-mile delivery with robust 
e-bike rentals tailored  for professionals. Autone, operating from the United
From the dynamic startup hubs of the Middle East, a new wave of Moroccan Kingdom, leverages AI to transform the retail industry. Alongside ventures
entrepreneurs is shaping industries with bold ideas and global ambition. like Amine Raji’s Spore Bio and  Tarik Dadi’s Qantev, these founders
Among  them are Anass Boumediene and Mehdi Oudghiri, co-founders of represent just a fraction of the Moroccan entrepreneurial diaspora building
Eyewa, a leading eyewear platform in the UAE that closed a $100 million high-growth companies across the globe.
Series C round in  2024, and Charaf El Mansouri, who is redening experiential 
38
MOROCCO STARTUP
ECOSYSTEM REPORT Moroccan diaspora-fueled promising Moroccan businesses get 
investment syndicates also form the the financial and strategic guidance 
bedrock of  this momentum. Ilan they need for exponential scaling. 
Benhaim’s MFounders and Endeavor These platforms amplify the 
Morocco operate as conduits kingdom’s startup potential, 
between Morocco’s emerging equipping ambitious founders with the 
entrepreneurial ecosystem and necessary repower to reach market 
global capital  to guarantee that leadership.
Networks, expertise, and national 
allegiance
Entrepreneurial success often Many perceive their professional 
hinges on strong networks. And triumphs as a way to give back, using 
Moroccan business  leaders abroad their expertise and inuence to 
have access to key innovation support the country’s growth. Such a 
clusters, forming strategic alliances shared ethos, anchored in ambition, 
that bring investment, advanced grit, and a strong bond with Morocco, 
technological insights, and synergies  propels a new breed of business 
with global industry leaders. leaders determined to shape the 
A profound sense of national nation's economic resurgence.
allegiance permeates the ethos of 
these entrepreneurs.
Diaspora as a catalyst for
economic convergence
Diaspora entrepreneurs are often In so doing, these firms contribute to 
armed with a unique perspective job creation, enhance market 
that positions them to straddle maturity, and cultivate a new 
both their home and host countries. generation of tech-savvy 
Their exposure to dierent professionals. Such venture capital 
economic and regulatory investments push innovation forward 
environments helps them navigate by exposing Moroccan entrepreneurs 
cross-border challenges. to global markets and latest 
Moroccan venture capital investors technologies.
also play a crucial role in drawing 
diaspora entrepreneurs to establish 
Oces in Morocco.
Shifting the narrative
The meteoric rise of this new Far from being an external appendage, 
breed of resilient and confident the Moroccan diaspora is a major 
entrepreneurs follows a shared driver of the country’s economic 
blueprint: vision, perseverance, metamorphosis. Through investment, 
and an immutable connection to mentorship, and an indelible national 
Morocco’s economic future. Their consciousness, these entrepreneurs 
careers illustrate a convergence are Morocco’s economic future 
of global expertise with local builders.  As Morocco refines its 
economic needs, which positions economic policies to better integrate 
the Moroccan diaspora not only as diaspora contributions, the prospect 
a peripheral economic actor but of a globally competitive startup 
also as a key actor in the country’s ecosystem is moving from aspiration 
entrepreneurial landscape. to inevitability.
39
 Africa’s Tech Unicorns: MOROCCO STARTUPECOSYSTEM REPORT
A New Era of Digital Disruption and Market 
Expansion
INTERSWITCH CHIPPER ANDELA MONIEPOINT
11/2019 05/2021 09/2021 10/2024
JUMIA FLUTTERWAVE OPAY MNT-HALAN TYME
03/2016 03/2021 08/2021 01/2023  GROUP
12/2024
Africa’s startup ecosystem is abuzz investment, proving that innovation 
with a growing number of companies can thrive in unexpected places. 
reaching the highly sought-after $1 However, while these unicorns 
billion valuation. These unicorns are showcase Africa’s potential, the 
redening the continent’s business road to sustainable growth 
landscape, but what are the key remains complex. Infrastructure 
drivers behind their success? gaps, regulatory hurdles, and 
funding volatility continue to 
Throughout its history, the continent challenge startups looking to 
has witnessed the emergence of 10 scale. Can Africa’s unicorns 
unicorns, private startups valued at maintain their momentum and 
$1 billion or more, spanning ntech, inspire the next generation of 
e-commerce, and digital services. billion-dollar companies?
These companies exemplify Africa’s
growing inuence in the global tech
economy, presenting both unique Nigeria: The 
opportunities and challenges for
sustainable growth. powerhouse of 
Achieving unicorn status goes African unicorns
beyond financial valuation; it hinges 
on a company's ability to Nigeria stands as Africa’s 
revolutionize traditional industries undisputed leader in producing 
and introduce groundbreaking unicorns. The country’s fintech 
solutions while sustaining rapid dominance is evident in the rise of 
growth. These billion-dollar startups companies such as Interswitch, 
shape the global economy in many Flutterwave, OPay, and 
ways. They create jobs, introduce Moniepoint. These companies 
new ideas, and influence market have capitalized on Africa’s 
trends. Their success stories inspire massive unbanked population and 
entrepreneurs everywhere and show the increasing demand for 
the real value of venture capital seamless digital payment 
solutions.
40
MOROCCO STARTUP
ECOSYSTEM REPORT
Second, global venture capital reached record levels in 2021, with investors 
looking beyond traditional markets for high-growth opportunities. With its 
expanding consumer base and mobile-first economy, Africa became an 
attractive destination for capital injection.
Additionally, regulatory shifts in key markets, particularly in fintech, created an 
environment where startups could scale rapidly. The convergence of these 
factors propelled African startups to billion-dollar valuations at an 
unprecedented pace, which signaled the maturation of the continent’s tech 
ecosystem.
Jumia IPO on April 12, 2019, marks Africa’s first tech listing on the NYSE.
E-commerce giant Jumia, which Jumia’s identity as an African 
reached unicorn status in 2016 company is debatable. While it stands 
before becoming  the first African as the continent’s largest e-commerce 
tech company to feature on the New platform, its two   primary founders are 
York Stock Exchange, illustrates the French, and the company is 
potential and volatility of the sector. incorporated in Germany under the 
Similarly, Andela, which identifies and Rocket Internet group. Despite 
trains African software developers operating across multiple African 
for global tech firms, became a markets and catering to local 
unicorn in 2021, reflecting the consumers, its ownership and 
growing demand for skilled digital corporate structure raise questions 
talent worldwide. about what truly defines an African 
Moreover, some critics argue that unicorn.
Africa’s fintech boom
While Nigeria leads the charge, other Tyme Group, a digital bank that 
African countries have also made reached unicorn status in 2024, 
significant contributions to the represents South Africa. 
unicorn landscape.
Its success mirrors the growing shift 
Senegal-based Wave reached toward  mobile banking and financial 
unicorn status in 2021 with a $1.7 inclusion, even in relatively mature 
billion valuation by oering markets.
mobile-based financial services 
tailored for the African market. The year 2021 marked a turning point 
Chipper Cash similarly became a for many African startups, with several 
unicorn in 2021, reinforcing the companies achieving unicorn status in 
continent’s growing appetite for a short span. This surge can be 
cross-border financial solutions. attributed to a combination of factors 
Egypt’s MNT-Halan, which achieved that aligned at the right time. First, the 
unicorn status in 2023, highlights COVID-19 pandemic accelerated 
North Africa’s rising influence in digital adoption across the continent, 
ntech and oers digital lending, increasing demand for fintech, 
payments, and banking services. e-commerce, and digital services, 
sectors where many of these unicorns 
operate.
41
MOROCCO STARTUP
ECOSYSTEM REPORT
Second, global venture capital reached record levels in 2021, with investors 
looking beyond traditional markets for high-growth opportunities. With its 
expanding consumer base and mobile-first economy, Africa became an 
attractive destination for capital injection.
Additionally, regulatory shifts in key markets, particularly in fintech, created an 
environment where startups could scale rapidly. The convergence of these 
factors propelled African startups to billion-dollar valuations at an 
unprecedented pace, which signaled the maturation of the continent’s tech 
ecosystem.
CHIPPER ANDELA MONIEPOINT
Trends driving 05/2M021orocco09:/2021 10/2024
Africa’s unicorn The emerging 
surge contender foMNrT -iHtAsLA N TYME
03/2021 first unicorn 01/2023  GROUP
Several factors underpin Africa’s 12/2024
unicorn boom:
While Morocco has yet to produce 
FINANCIAL INCLUSION AND MOBILE its first unicorn, the country now 
PENETRATION: possesses almost all the elements 
The success of fintech unicorns necessary to do so. 
showcases the demand for financial 
services among Africa’s vast unbanked With a rapidly expanding startup 
population. With mobile money ecosystem, government-backed 
adoption at record levels, startups that initiatives, and an increasing flow of 
facilitate digital transactions are venture capital, Morocco is 
well-positioned for growth. positioning itself as a regional tech 
hub. The development of tech hubs, 
INVESTMENT APPETITE AND incentives for startups, and 
VENTURE CAPITAL INFLOWS: regulatory frameworks favoring 
Global investors are increasingly digital transformation have fostered 
betting on Africa’s high-growth an environment conducive to 
While Nigeria leads the charge, other Tyme Group, a digital bank that startups, drawn by a combination of high-growth companies.
African countries have also made reached unicorn status in 2024, demographic expansion, rising internet 
significant contributions to the represents South Africa. penetration, and an underdeveloped Several sectors could foster 
unicorn landscape. formal banking sector. Morocco’s first unicorn. Fintech 
Its success mirrors the growing shift remains a top contender, driven by 
Senegal-based Wave reached toward  mobile banking and financial REGULATORY TAILWINDS AND rising demand for digital payments 
unicorn status in 2021 with a $1.7 inclusion, even in relatively mature GOVERNMENT SUPPORT: and financial inclusion. Logistics and 
billion valuation by oering markets. Countries like Nigeria and Egypt e-commerce also show strong
mobile-based financial services are implementing policies that potential, fueled by growing online
tailored for the African market. The year 2021 marked a turning point encourage fintech growth, fostering an marketplaces and last-mile delivery.
Chipper Cash similarly became a for many African startups, with several environment conducive to innovation Meanwhile, renewable energy and
unicorn in 2021, reinforcing the companies achieving unicorn status in and scaling. sustainable tech startups align with
continent’s growing appetite for a short span. This surge can be the country’s green energy strategy.
cross-border financial solutions. attributed to a combination of factors TECH TALENT AND DIGITAL 
Egypt’s MNT-Halan, which achieved that aligned at the right time. First, the TRANSFORMATION: The growing involvement of the 
unicorn status in 2023, highlights COVID-19 pandemic accelerated Companies like Andela demonstrate  Moroccan diaspora in global venture 
North Africa’s rising influence in digital adoption across the continent, Africa’s ability to supply global markets capital and entrepreneurship could 
ntech and oers digital lending, increasing demand for fintech, with high-quality tech talent. As digital speed this process. Investors seek 
payments, and banking services. e-commerce, and digital services, adoption increases, new opportunities scalable, regionally relevant models, 
sectors where many of these unicorns in software development, AI, and cloud making Morocco’s first unicorn a 
operate. computing will drive further growth. matter of when, not if.
42
MOROCCO STARTUP
ECOSYSTEM REPORT
Morocco’s Rising Stars:
A Look at the Country’s Most
Promising Startups
Morocco’s tech ecosystem is rapidly evolving, with a new wave of startups 
emerging as key players across industries. These companies are not just 
growing fast—they are solving real challenges, attracting top investors, and 
expanding their reach across Africa and beyond.
Morocco’s Rising Stars
Nuitée, leading the charge, is Rocket Internet, Y Combinator, and 
a travel and hotel connectivity Harvard Management Company.
platform founded in 2017 by
Med Benmansour and Olivier Dheur. YoLa Fresh, launched in 2022 by 
Nuitée empowers businesses to co-CEOs Larbi Alaoui Belghiti and 
build custom hotel booking Youssef Mamou, is transforming 
systems, retain control over agricultural supply chains. The 
branding and pricing, and generate platform connects farmers directly 
ongoing revenue streams. The with retailers and food service 
company raised $48 million in a companies. In May 2024, YoLa Fresh 
Series A round in 2024 led by Accel, raised $7 million in a pre-Series A 
supporting global expansion and round led by Al Mada Ventures, with 
product development. participation from Algebra Ventures 
and FMO.
Chari, co-founded by Ismael 
Belkhayat and Sophia Alj, is Inyad, founded in 2018 by Moncef 
redefining traditional retail. Chlouchi, is digitizing business 
Through strategic acquisitions of processes in emerging markets. With 
Diago and Karny, Chari combines over $14 million in funding, the 
e-commerce with embedded company provides digital tools that 
financial services, providing a simplify operations in sectors 
one-stop platform for retailers. The traditionally reliant on manual work.
startup has attracted backing from
CHARI  •  Ismael BELKHAYAT, Founder & CEO  •  Sophia ALJ, Co-founder & COO
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MOROCCO STARTUP
ECOSYSTEM REPORT
Yolafresh  •  Larbi ALAOUI BELRHITI, Founder  •  Co-CEO Youssef MAMOU, Founder & Co-CEO
PayTic, under the leadership of CEO Imad Bouhmadi, focuses on payment 
infrastructure. Founded in 2020, PayTic has developed program 
management solutions for banks and financial institutions. The company has 
secured funding from CDG Invest and plays a key role in Morocco’s transition 
to digital payments.
"Paytic, a B2B fintech company, is 
a perfect example of a global scale 
company started by a Moroccan 
diaspora founder to transform the Freterium, a logistics platform founded by Mehdi Cherif Alami and Omar El 
backoce of payments, serving Kouhene in 2020, optimizes transport operations across the MENA region. 
clients across North America, 
Europe, the GCC and Africa, from With $4 million in seed funding, the startup has quickly established itself as a
their tech oce in Morocco. go-to solution for supply chain management.
Outlierz backed the company at 
the Pre-Seed stage and helped the Ones to Watch
founder attract more capital in the Other promising startups include Wafr, a fintech platform launched in 2021 
following rounds from leading that enables retail brands to deliver promotions to grocers while oering
Moroccan and African VC investors financial services to underserved communities,
including 212 Founders, AfricInvest, and Deepecho, a healthtech company leveraging AI and deep learning to 
and Axian Group." improve prenatal
and maternal healthcare with automated diagnostics and 
Paytik  •  Imad BOUMAHDI  •  Founder & CEO Kenza Lahlou, hardware-agnostic ultrasound solutions.
Founder & Managing 
Partner of Outlierz These startups reflect Morocco’s growing ambition to build globally relevant 
technology companies, creating solutions for local challenges while 
Ventures expanding across international markets.
44
MOROCCO STARTUP
ECOSYSTEM REPORT
PayTic, under the leadership of CEO Imad Bouhmadi, focuses on payment 
infrastructure. Founded in 2020, PayTic has developed program 
management solutions for banks and financial institutions. The company has 
secured funding from CDG Invest and plays a key role in Morocco’s transition 
to digital payments.
Freterium  •  Mehdi CHERIF ALAMI, CEO  •  Co-Founder Omar EL KOUHENE, Co-founder& COO
Freterium, a logistics platform founded by Mehdi Cherif Alami and Omar El 
Kouhene in 2020, optimizes transport operations across the MENA region. 
With $4 million in seed funding, the startup has quickly established itself as a 
go-to solution for supply chain management.
Ones to Watch
Other promising startups include Wafr, a fintech platform launched in 2021 
that enables retail brands to deliver promotions to grocers while oering 
financial services to underserved communities, and Deepecho, a 
healthtech company leveraging AI and deep learning to improve 
prenataland maternal healthcare with automated diagnostics and
hardware-agnostic ultrasound solutions. 
These startups reflect Morocco’s growing ambition to build globally relevant 
technology companies, creating solutions for local challenges while 
expanding across international markets.
Access the full report at
www.startupreport.ma