Morocco Holds Ground in Africa’s Tech Investment Race

Morocco raised $80 million across 29 tech transactions in 2025, positioning the Kingdom as one of Africa’s more resilient secondary startup markets even as the continent’s leading hubs attracted the lion’s share of investment. According to IFC-sourced market data cited by Morocco World News, Kenya led the continent with $1.04 billion, followed by South Africa with $715 million, Egypt with $604 million and Nigeria with $572 million; together those four markets captured nearly 72% of all tech funding raised across Africa, while Morocco represented less than 2% of the continental total.

"Morocco is continuing to strengthen its position in Africa’s technology investment landscape, showing resilience at a time when several emerging African markets are facing sharp declines in funding activity," the report said.

Context and market details

Analysts cited in the report view Morocco’s steady results as a sign of growing investor confidence in the Kingdom’s business climate and startup ecosystem, even as several peer markets contracted. The article notes that Ghana, for example, recorded a 59% decline in funding volumes in the same period, underscoring the uneven nature of capital flows across the continent.

• Morocco: $80 million across 29 transactions (2025)
• Kenya: $1.04 billion (2025)
• South Africa: $715 million (2025)
• Egypt: $604 million (2025)
• Nigeria: $572 million (2025)

Beyond headline country figures, the Morocco World News piece highlights activity by Africa-focused investment firms that are continuing to mobilize capital for longer-term opportunities. One prominent example is Admaius Capital Partners, an independent African-owned private equity firm founded in 2021 and headquartered in Kigali. Admaius operates regional offices in Morocco, Egypt, Kenya, South Africa, Rwanda and Tunisia, and maintains a presence in London to bridge to international investors.

Admaius has drawn particular attention for Africa Fund I, launched in 2022 with $280 million. The fund "has already invested in eight African companies," building a track record the firm hopes will help attract institutional investors to a new vehicle with a much larger target.

IFC interest and fundraising outlook

The International Finance Corporation (IFC), the World Bank Group’s private sector arm, said in an information note published May 8 that it is considering an investment of up to $25 million in the new fund, representing a maximum of 20% of the fund’s total commitments. An additional co-investment envelope of up to $10 million is also under consideration.

"The proposed IFC investment is still awaiting formal approval from the organization’s board of directors," the report states. The IFC believes that backing from development finance institutions could help the fund reach its first closing and later mobilize private capital toward a final fundraising target of $500 million. The IFC added that success for the vehicle could improve access to equity financing for Africa’s mid-market companies and deepen competition in the continent’s private equity market.

Market participants in Morocco and across North Africa will watch whether Admaius and similar funds can convert institutional interest into larger, locally-managed pools of capital. For Morocco, maintaining deal activity and modest funding levels in 2025 has provided a base from which to press for larger ticket sizes and greater share of regional flows as fund managers and development partners pursue mid-market opportunities across Africa.