A new annual report by [Wamda] indicates a significant resurgence in startup investment across the Middle East and North Africa (MENA) in 2023, with the ecosystem witnessing record-breaking capital aggregation and a qualitative shift in investment flows. Within this revived landscape, Morocco has distinguished itself as a leader in the Maghreb region and the fourth most-funded ecosystem in all of MENA, underscoring its growing dynamism and appeal to investors.
A Year of Record Investment
According to the report, which analyzes the dynamics of the MENA startup environment, 2023 marked a notable recovery in investment activity, standing in stark contrast to the volatility and funding constraints of previous years. The year began with positive momentum that accelerated significantly in the second half.
Between July and December, 310 startups successfully raised a total of $5.7 billion. This surge was primarily driven by an exceptional third quarter, which alone accounted for $4.5 billion distributed across 180 deals, signaling renewed confidence and capital deployment in the region’s ventures.
Morocco’s Regional Dominance
In this context, Morocco emerges as a formidable player, with its ecosystem proving to be one of the most attractive in the Maghreb region. The Kingdom secured the top position in North Africa, with approximately 23 of its startups raising a collective $37.9 million.
This performance not only establishes Morocco as the leading hub in the Maghreb but also positions it as the fourth best-funded ecosystem across the entire MENA region, confirming its status as a key destination for venture capital.
Source: Machahid24
