TLDR:
- Morocco is working to stimulate the growth of startups, with a focus on technology and innovation.
- Several investment funds focus on tech companies, ranking fifth on the continent in deals and aiming for third place.
Morocco is quickly becoming Africa’s new startup paradise, with significant growth in attracting investment in startups, reaching a 93% increase by 2023. The country’s focus on creating a conducive environment for tech startups has led to the establishment of more than 10 public and private investment funds to support these ventures. Last year alone, Morocco signed 17 financial agreements, showcasing its dedication to nurturing the startup ecosystem.
Through initiatives like the Digital Morocco Fund and the UM6B Venture Fund, Morocco is actively supporting startups in sectors like health, agriculture, and industry. Despite facing barriers such as restrictive regulations and limited funding, these investment funds plan to double their investments in startups, with a focus on expanding to markets outside the country.
The growth of Morocco’s startup ecosystem is projected to continue in 2024, with an increase in the number of startups and total revenues. Sectors like information and communications technology (ICT), healthcare, biotechnology, and tourism are expected to offer opportunities for startups to thrive. The investment funds in Morocco are also eyeing opportunities in emerging markets like Africa, Europe, and the Gulf, underscoring the country’s commitment to becoming a startup hub in the region.
