Despite their respective positions of 3rd and 6th in the rankings for fundraising by start-ups in the MENA region in March 2024, Egyptian and Moroccan technology companies are demonstrating a growing ability to attract investment. This encouraging performance testifies to the region’s entrepreneurial dynamism and the growing attractiveness of North African start-ups to investors.

During March 2024, Egyptian and Moroccan start-ups raised $7 million and $2.5 million respectively, making a total of $9.5 million, according to an analysis produced on 1 April 2024 by the Wamda and Digital Digest platforms.

8 deals were closed by Egyptian start-ups. Their Moroccan counterparts completed just 2 deals last month.

In North Africa, only start-ups from these two countries feature in the analysis of fundraising by technology companies in the Mena zone (Middle East and North Africa). 

Start-ups in this zone raised a total of $253.5 million last month in 54 transactions. This is 186% up on the $88.7 million raised in February 2024.

Egypt is third in the Zone in terms of fundraising in March 2024, while Morocco is sixth. Despite their rankings, tech start-ups in these two countries are still no match for their Middle Eastern counterparts.

Saudi Arabia and the United Arab Emirates are the two leaders in the Zone. Start-ups in these countries raised $198 million and $38.7 million respectively in March 2024.

The Editor (with CM and CA)