Moroccan startups wrapped up 2024 by securing $70 million, solidifying their standing as one of the most innovative and vibrant ecosystems in Africa.
- Ranking results
- East Africa
- West Africa
- North and southern Africa down
The annual report ‘Africa: The Big Deal’ reveals that Moroccan startups have raised $70 million, securing the country’s position as fifth in Africa. Produced annually since 2019, the report analyzes and tracks startup funding across Africa, offering a thorough database of investments and trends in the sector.
RANKING RESULTS
Morocco ranked fifth, trailing behind Kenya ($638 million), Nigeria ($410 million), Egypt ($400 million), and South Africa ($394 million). Together, these four countries accounted for nearly 84% of the total funding raised across Africa by the end of last year, amounting to $2.2 billion in equity, debt, and grants (excluding outflows).
Although this is a notable sum for the market in absolute terms, it reflects a 25% decline from the $2.9 billion raised in 2023 and a 52.17% drop compared to the $4.6 billion raised in 2022.
Following Morocco in the top 10 rankings are Ghana, with $68 million, Tanzania with $53 million, Benin at $50 million, Côte d’Ivoire with $33 million, and Senegal, which raised $22 million.
EAST AFRICA
For the second consecutive year, the East Africa region led in attracting investment, totaling $725 million, which represents one out of every three dollars raised across the continent in 2024. Kenya alone contributed 88% of this total, accounting for 29% of all funds raised in Africa. However, the 2024 investment figure marks an 18% decrease compared to 2023.
Tanzania also secured a strong position in the region, raising $53 million, while Uganda followed closely with $19 million.
WEST AFRICA
West Africa secured second place in 2024, raising $587 million (27% of total funding) and improving its position from fourth place in 2023.
This growth can be attributed to the economic progress in countries like Nigeria, Ghana, Benin, Côte d’Ivoire, and Senegal, enabling the region to experience only a minor 3% decline in funding compared to the previous year.
NORTHERN AND SOUTHERN AFRICA DOWN
In regions like North Africa, investment has significantly declined by 35% from 2023 to 2024, bringing the total to $478 million, representing 22% of overall funding.
The primary factor behind this decrease is the 37% drop in Egypt, marking the largest decline among the ‘Big 4’. Egypt contributed 84% of the region’s total funds raised last year, and the report notes that “while Morocco has fared relatively well, it has not been enough to offset the decline.”
Southern Africa secured 18% of the total funding, amounting to $397 million. However, the region experienced a 36% decline this year, primarily due to a 34% drop in South Africa. Since South Africa represents 99.4% of the region’s total funding, its decline heavily impacted the overall figures.
Central African nations recorded minimal activity in 2024, with a total of $5 million in investments. This figure is ten times lower than the amount raised in 2023, marking the lowest levels ever observed in the region.
The report emphasizes the sector’s concentration, noting that half of the total funding is directed towards just 10 companies, while an additional 188 startups secured 1 million dollars or more in investments.
