In the midst of an economic and technological transformation, Morocco is emerging as a promising hub for African startups.
Backed by the commitment of business leaders and the support of investment funds, Morocco envisions a future where innovation and technology are at the heart of development. The Digital Morocco Fund expects that within five years, Morocco will become the third largest startup investment country on the African continent.
Morocco’s startup sector is growing rapidly: investments are expected to increase by 93 percent in 2023, signaling the increasing attractiveness of the Moroccan market for entrepreneurs.
This momentum is supported by 12 public and private investment funds recently established to stimulate innovation. According to StartupBlink’s Global Startup Ecosystem Report (GSER), Morocco is ranked 34th globally, testament to the strength of its entrepreneurial ecosystem.
Morocco’s economic capital, Casablanca, stands out as the innovation hub of North Africa, ranking third in the region’s Startup Ecosystem Index, behind Cairo and Tunis. But fundraising remains a major challenge. Morocco’s main investment fund has invested around $44 million in recent years and aims to double this amount, particularly targeting startups in the healthcare, agriculture and industrial sectors.
Founded in 2010, Fonds Maroc Numérique has played a key role in supporting start-ups, investing $25 million in 26 companies. In 2019, the Founders 212 program launched by the National Controlled Deposit Fund added $12 million to the start-up ecosystem and plans to increase these investments in the coming years.
Mohammed VI Polytechnic University has also contributed to the UM6B Entrepreneurship Fund, investing $7 million since 2021.
The fund aims to invest $50 million, focusing on deep tech startups across a range of sectors including agriculture, chemicals, healthcare and green technology.
Outlook for 2024 is optimistic: the number of Moroccan startups is expected to grow by 20% to more than 1,500, and Moroccan companies’ revenues are expected to grow by 15% to around $200 million. There are huge opportunities in the information and communications technology (ICT), health and biotechnology, and tourism sectors.
The province has invested more than $8 billion in tourism, a growing sector that offers opportunities for start-ups focused on tourism experiences, hotel bookings and travel package management.
Despite this progress, a lack of infrastructure and resources remains a challenge. Education and training in digital skills is essential to prepare Moroccan youth for the job market and stimulate economic growth.
Thanks to these efforts, Morocco is establishing itself as an African startup hub. The country is well positioned to become a major player in innovation on the continent, attracting an increasing number of investors and entrepreneurs looking for new opportunities.
MN/te/lb/GIK/APA
