In the midst of economic and technological transformation, Morocco is emerging as a promising hub for African startups.
Backed by the commitment of its business leaders and the support of investment funds, Morocco envisions a future where innovation and technology are at the heart of development. Within five years, the Digital Morocco Fund expects Morocco to become the third largest investor in startups on the African continent.
The Moroccan startup sector is growing rapidly. In 2023, investments increased by 93 per cent, demonstrating the growing attractiveness of the Moroccan market for entrepreneurs.
This momentum is supported by a dozen public and private investment funds recently created to stimulate innovation. According to StartupBlink’s Global Startup Ecosystem Report (GSER), Morocco ranks 34th in the world, demonstrating the strength of its entrepreneurial ecosystem.
Casablanca, the economic capital of Morocco, stands out as the nerve centre of innovation in North Africa, ranking third in the regional startup ecosystem index, behind Cairo and Tunis. However, access to funding remains a major challenge. Morocco’s main investment funds have invested around $44 million in recent years and aim to double this amount, targeting startups in the health, agriculture and industrial sectors in particular.
The Fonds Maroc Numérique, created in 2010, plays a key role in supporting startups, with $25 million invested in 26 companies. In 2019, the Founders 212 program, launched by the State Fund for Management and Deposits, added $12 million to the startup ecosystem, with plans to increase these investments in the coming years.
Mohammed VI University of Technology has also contributed with the UM6B Entrepreneurship Fund, which has invested $7 million since 2021.
This fund aims to reach $50 million in investments, with a focus on deep-tech startups in various fields, including agriculture, chemistry, healthcare and green technologies.
The outlook for 2024 is optimistic. The number of startups in Morocco is expected to grow by 20 per cent, to more than 1,500 companies, and the revenues of Moroccan companies are expected to grow by 15 per cent, reaching around $200 million. The information and communication technology (ICT), health and biotechnology, and tourism sectors offer significant opportunities.
The ministry has invested more than $8 billion in tourism, a growing sector that offers opportunities for startups focused on tourism experiences, hotel reservations, and travel package management.
Despite this progress, the lack of infrastructure and resources remains a challenge. Education and training in digital skills are essential to prepare young Moroccans for the job market and stimulate economic growth.
Thanks to these initiatives, Morocco is establishing itself as a hub for startups in Africa. The country is well positioned to become a major player in innovation on the continent, attracting more and more investors and entrepreneurs looking for new opportunities.
MN/te/lb/GIK/APA