Moroccan entrepreneurs raised $70 million, making Morocco the fifth-largest country in Africa in terms of funds raised, behind Kenya, Nigeria, South Africa, and Egypt.
These top four countries raised a total of $2.2 billion, capturing 84% of the funds raised across Africa in 2024.
Kenya ranked first in Africa, raising $638 million, followed by Nigeria with $410 million. Egypt secured third place with $400 million, while South Africa raised $394 million, placing fourth.
Morocco, with $70 million, ranked fifth, signaling its intent to become a more significant player in the future.
Ghana, which placed sixth, raised $68 million, followed by Tanzania in seventh with $53 million, Benin in eighth with $50 million, Côte d’Ivoire in ninth with $33 million, and Senegal in tenth with $22 million.
While the fund amounts seem impressive, there has been a noticeable decline compared to 2022 and 2023. Morocco’s Digital Minister, Ghita Mezzour, had previously announced support for local startups during the 6th African Digital Summit:
“We will set aside 240 million dirhams to encourage demand for innovative services, help local startups grow, and give them chances to work internationally.”
Morocco aims to implement its “Digital Morocco 2030” strategy through such initiatives and foster growth in the tech sector. In 2023, the country raised $93 million in funds, marking a successful year.
With these funds, Morocco plans to create jobs and attract more foreign investors to solidify its position as a leading tech hub in the region.