A Market Map detailing the landscape of funded startups in Morocco from 2018 to H1 2023. The map also showcases the 8-half-yearly funding evolution of venture capital in the country and the top five funded startups.
Morocco is among the up-and-coming venture capital geographies of the MENA region. The country was the only one of the top five countries to record year-on-year growth in H1 2023. The Moroccan venture capital ecosystem garnered $15M over 15 transactions.
This is the highest level of half-yearly funding for the country to date. The funding landscape has been uplifted by players like Agenz, Chari.m, and Terraa who collectively raised $5M of the $15M.
Morocco pivoted into the top five countries in MENA after recording 15% in funding growth and 25% in deal flow activity on a year-on-year basis. This is a contrast compared to the overall MENA region which saw a decline of 49% in deals and 44% in funding.
The top five funded startups belong to the Real Estate, E-commerce/Retail, and Transport & Logistics industries. These startups have been backed by the likes of Y-Combinator, Endeavor Catalyst, and UAE-based real estate giant EMPG.
Mubawab was founded in 2012 in Morocco and has since become one of the country's most popular Real Estate platforms. They recently launched Mubawab Transaction, a new business unit that aims to guarantee a convincing acquisition experience for buyers of new real estate, with end-to-end support along the acquisition chain.
Mubawab has been backed by EMPG, the Real Estate giant based in the UAE, and has raised close to $20M.
Chari.ma is a B2B mobile app that allows local businesses to order all types of consumer items and have them delivered in less than 24 hours. The startup has raised close to $10M to date. Chari’s $5M closed in 2021 SEED round saw participation from a mix of investors including notable names like Global Founders Capital, Y Combinator, and Plug and Play Ventures.
Freterium is a provider of cloud-based Transportation Management System (TMS) solutions, enabling businesses to optimize their logistics operations and improve supply chain efficiency. Their TMS platform offers comprehensive functionality including planning automation, route optimization, real-time visibility, and freight invoicing. Freterium is among the top-funded T&L startups in Morocco and has received investments from Y Combinator and France-based Partech Partners among others.
WaystoCap is a technology-driven trading platform. It helps businesses find partners internationally, and regionally; sourcing the most competitive prices; offering better payment terms; and supporting the entire trade. The startup was backed by the likes of 500 Global and Y Combinator before its acquisition in 2021 by Egypt-based electronic marketplace MaxAB.
Agenz works to bring transparency and fluidity to the Moroccan real estate market by providing consumers with free digital tools to estimate their property and analyze the market. Morocco-based Azur Innovation Fund and Maroc Numeric Fund have invested in the startup which raised its Pre-Series A round recently in July.
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