Surge in Moroccan Startup Funding
In 2024, startup funding in Morocco experienced a remarkable surge, reaching nearly $95 million. This figure represents a significant increase compared to previous years, with the amount almost tripling from 2022 levels. The growth was largely fueled by a standout performance in the travel technology sector, as highlighted by a recent report from Mohammed VI Polytechnic University and the Startup Researcher Center.
The report titled “Morocco Startup Ecosystem 2024” outlines a dramatic shift in investment trends. Total startup investment increased from $26.2 million in 2022 to $33.26 million in 2023, before jumping to an impressive $94.96 million in 2024. While the number of deals rose only slightly from 32 to 40, the average deal size and sectoral focus underwent substantial changes.
Dominance of Travel Technology
Travel technology emerged as the leading sector in terms of capital inflows, capturing 53.3% of total investments. This success was largely driven by a notable fundraising round by the local company Nuitee. Following closely behind were logistics and mobility, which accounted for 12.01% of the funds, while fintech and agri-tech secured 11.6% and 9.6%, respectively.
Despite the dominance of travel tech, the report cautions that this trend may not be sustainable. It emphasizes that the surge in funding reflects an isolated success story rather than a structural shift in the market. However, it also acknowledges the growing ability of Moroccan startups to attract capital when market timing and business fundamentals align.
Fintech and Other Sectors
In terms of deal count, fintech took the lead, accounting for 27.5% of transactions. This reflects consistent investor confidence in platforms such as Enyad, Tokez, and Aura, which offer digital finance solutions with scalable business models. Logistics and mobility followed with 17.5% of transactions, while deep tech and travel tech contributed 10% and 7.5%, respectively.
Agri-tech also showed promise, aligning with Morocco’s broader agricultural ambitions. However, the report suggests that future growth in this sector depends on stronger involvement from both local and foreign investors, as well as regulatory reforms aimed at improving access to capital.
Geographic and Gender Disparities
Geographically, startup capital remains heavily concentrated in Casablanca, reinforcing its status as Morocco’s financial and entrepreneurial hub. Other regions continue to face challenges related to limited funding and visibility.
Gender disparity remains a persistent issue within the startup ecosystem. Although women-led ventures are gaining more visibility, they still receive a disproportionately small share of funding. Despite rising talent and ambition among female entrepreneurs, they often face barriers in traditionally male-dominated sectors like logistics and informal trade. A new wave of Moroccan female founders is challenging these norms, proving that strong execution can overcome traditional biases.
Future Outlook
The report highlights the evolving landscape of Moroccan startups, emphasizing the importance of strategic alignment between market opportunities and business fundamentals. As the ecosystem continues to mature, the focus will likely shift towards sustainable growth, inclusive participation, and long-term innovation across various sectors.
