According to UM6P Ventures’ recently published 2024 Morocco Startup Ecosystem Report, Morocco’s startup scene is seeing a significant upswing. In 40 transactions, the nation’s startups raised $94.96 million, nearly tripling the $33.26 million they raised in 2023.
Leading the pack is Nuitée, a travel tech startup that raised a record-breaking $48 million in Series A funding, which made up over half of the overall investment and made travel technology the most-funded industry in Morocco.
In terms of deal volume, FinTech came in second, with investors showing interest in businesses like Inyad, Tookeez, and ORA Technologies. In the meantime, AgriTech and DeepTech each received almost 10% of the overall funding, indicating that innovations with a focus on sustainability and the frontier are receiving more attention. 
Along with outlining crucial next actions to speed up the ecosystem, the report highlighted four noteworthy startup exits over the last three years. These include growing local M&A activity, promoting women entrepreneurs, increasing investments in sophisticated manufacturing, AI, and climate technology, and enhancing late-stage funding through the Mohammed VI Investment Fund.
Morocco is now one of the emerging startup powerhouses in North Africa, thanks to this rise, which is indicative of a larger shift in the country’s innovation economy.
