(Ecofin Agency) - In March 2024, Egyptian and Moroccan tech startups attracted significant investment, collectively securing $9.5 million, which placed them as the third and sixth highest-funded in the MENA region's startup ecosystem, respectively. Despite this achievement, they remain behind their Middle Eastern counterparts in the overall competitive funding arena.

Egyptian and Moroccan start-ups raised $7 million and $2.5 million respectively last month, for a total of $9.5 million, according to an analysis released yesterday by platforms Wamda and Digital Digest. 

Overall, 8 deals were closed by Egypt's startups while their Moroccan counterparts closed just 2 deals last month.

In North Africa, only startups from these two countries were featured in the funding analysis for tech companies within the MENA (Middle East and North Africa) zone.

The document reported that collectively, MENA startups raised a significant $253.5 million last month across 54 transactions, marking a substantial 186% increase from the $88.7 million raised in the previous month.

However, despite their achievements, tech startups from Egypt and Morocco still face stiff competition from their Middle Eastern peers, with Saudi Arabia and the United Arab Emirates leading the pack. Startups from these two countries raised $198 million and $38.7 million, respectively, during the period under review.