Moroccan Startups Raise Over $100 Million in 2022

Moroccan startups have collectively raised over $100 million in funding throughout 2022, marking a record-breaking year for the country’s burgeoning tech ecosystem. This achievement reflects Morocco’s growing role as a key tech hub in North Africa and signals increasing investor interest across various sectors, with FinTech and green technology leading the charge.

The impressive funding growth has been driven by major investments in prominent startups, particularly in technology, renewable energy, and financial services. Among the standout names in 2022 is Chari, a B2B e-commerce platform and FinTech provider. Chari raised $25 million in Series A funding to expand its presence and provide credit access to small businesses across Morocco and neighboring countries. The investment round was led by major international and local investors, including the Saudi-based Khwarizmi Ventures and VentureSouq from the UAE.

In green technology, Pylon, an energy management startup, has also attracted substantial investment. Pylon secured $19 million in seed funding earlier in the year, making headlines as one of the largest early-stage fundings for green tech in Morocco. The funds are expected to enable Pylon to improve energy efficiency for utilities and reduce energy wastage across the region. This development comes amid Morocco’s commitment to boosting its renewable energy infrastructure and addressing regional energy challenges.

Moroccan startups in the software and services sectors have also seen a surge in funding. Notable contributions from venture capital firms have encouraged growth in tech-driven solutions that address local market needs in areas such as digital payments, logistics, and agriculture. The investments reflect a broader trend across Africa, where the tech ecosystem has attracted over $5 billion in venture funding in 2022 alone.

According to experts, Morocco’s progress is underpinned by government initiatives that support entrepreneurship and innovation. The Moroccan government has implemented several policies to create a startup-friendly environment, including the establishment of tech parks and funding programs. These initiatives have played a significant role in attracting international investors and bolstering Morocco’s position as a tech investment destination.

With this funding milestone, Moroccan startups are now well-positioned to contribute significantly to economic growth and technological advancement in North Africa. Experts suggest that the recent influx of capital will further accelerate Morocco’s development as a tech hub and create more opportunities for innovation across the region.