Top 10 most funded startups in Morocco
Morocco–Morocco, officially known as the Kingdom of Morocco, is the Maghreb region of North Africa’s northernmost country. With a GDP of $112 billion, Morocco is Africa’s fifth largest economy (only behind Nigeria, South Africa, Egypt and Algeria). It has a $3,414 GDP per capita. It has a population of 37 million people, with 45 percent under the age of 24 and 42 percent between 25 and 54.
In terms of internet connectivity, Morocco is one of Africa’s most advanced markets. The internet is used by 74% of the population (27 million people). It boasts a 125 percent mobile phone penetration rate, with 80 percent of these phones being smart phones. The World Bank’s Ease of Doing Business Report gives it a good rating.
However, there are still certain difficulties for Moroccan startups. The most serious issue is a scarcity of skilled engineers and business school graduates. Because they can’t compete with the attraction of more established traditional organisations when it comes to attracting talent, startups have been forced to settle for less remarkable personnel.
Let’s take a look at the top 10 most funded startups in Morocco.
Mubawab is a proptech startup started by Kevin Gourmand in 2011. It allows sellers and landlords in Morocco and Tunisia to market their homes. It receives 2 million monthly visitors and lists over 150,000 homes.
The startup has received two rounds of funding from UAE-based Emerging Markets Property Group (EMPG), the most recent of which being a $7 million corporate round in January 2020. In March 2021, it also raised an undisclosed $10 million round. With its current round of funding, Mubawab wants to hire 200 additional staff and create in-house research and development divisions.
2. Waysto Cap ($3,120,000)
Waysto Cap is a technology-based startup that allows companies to buy and sell items quickly and securely. Kente cloth, diapers, argan oil, rice, and hundreds of other items are among the items sold on Waysto. It is headquartered in Morocco and has operations in Benin, Burkina Faso, Togo, and Côte d’Ivoire.
Morocco’s second most funded company is Waysto Cap. In March 2017, it received a seed investment of $120,000 from Y Combinator, followed by another seed round in June 2017. Story Ventures, Soma Capital, Pascal Levy-Garboua, Palm Drive Capital, Neon Capital, Lynett Capital, Jude Gomel, Endure Capital, Battery Ventures, Amino Capital, and 4Dx Ventures all contributed $3 million to the round. Michael Seibel of Y-Combinator was also engaged in this round. Waysto Cap also received an unknown seed round from Outlierz Ventures in June 2018.
Buzzkito claims to be the first brand technology startup in the Middle East and North Africa (MENA) area, having been founded in 2006 by El Mehdi Benslim. It creates short, compelling videos that go viral by combining statistics, technology, and psychology. Buzzkito earns money by charging brands for the creation of branded content. Similarly, advertisers pay to sponsor frequent material that may be of interest to their consumers, who also happen to be Buzzkito’s audience.
The company has a sizable social media presence. One of its Facebook pages alone has 10 million likes. Every month, it receives 200 million views on its social media platforms, which include Facebook, Instagram, Snapchat, and YouTube. Proctor and Gamble, Coca-Cola, Nestle, Honda, and Pizza Hut are among its clientele. In January 2018, Buzzkito received a $1,700,000 Series A investment from Tunisian firm AfricInvest.
4. ATLAN Space ($1,100,000)
ATLAN Space is a startup that employs Artificial Intelligence (AI) to pilot Unmanned Aerial Vehicles (UAVs) that are fully autonomous in their tracking missions. In 2017, the business won the African Entrepreneurship Award Innovation Prize, and Nvidia named it one of the greatest AI startups of 2018. The Maroc Numeric Fund II has already supported it. It raised $1,100,000 in its series A in November 2020.
5. KoolSkools ($416,000)
Kool Skools leverages technology to streamline the teaching and learning process. It creates interactive courses, activities, and content, as well as tracking how learners are gaining abilities. It also provides schools with digital management capabilities such as student data, report cards, and fee payments.
In Morocco, Kool Skools has worked with 30 schools, 20,000 pupils, and 700 teachers. Within the next 2-3 years, it hopes to achieve 100,000 pupils. In July 2020, the Maroc Numeric Fund II invested $416,000 in Kool Skools.
6. OnePay ($409,000)
OnePay is a financial services startup that accepts digital payments from both offline and online companies. It was founded by Karim Zaitouni as a consequence of a $409,000 investment by SisPay, its parent business, and the Maroc Numeric Fund II in July 2020. The round was kept under wraps.
7. Weego ($300,000)
Weego is a public transportation app that makes it easier to travel by bus, tram, and huge cabs. It allows users to look for available transportation alternatives, track their arrivals in real time, and post their location once they board to help those who are waiting to board.
It is a Moroccan startup that was founded in Dakar, Senegal. Its headquarters were relocated to Marrakech, Morocco, where the creators intend to use it as a springboard for expansion throughout Morocco and Africa. In April 2020, Weego received a $300,000 seed round from 212 Founders.
8. Scale ($300,000)
Scale is a startup that helps its clients create and implement digital strategy. Small and medium-sized businesses (SMEs) to major corporations are among its partners. In January 2018, Scale received $300,000 in a seed round from unnamed investors.
9. Kifal Auto ($300,000)
Kifal Auto is an online marketplace where people and businesses can safely purchase and sell new and old cars. 212 Founders invested $300,000 in Kifal Auto in a seed round in April 2020.
10. Invyad ($280,000)
Invyad is a mobile POS technology startup that provides an end-to-end solution for small and medium-sized enterprises to sell and grow their products. In April of 2020, 212 Founders invested $280,000 in Invyad as a seed investment.