Join on WhatsApp
Join on Telegram
Fez – 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.
With $80 million raised in 2025 and 29 transactions completed, Morocco ranked among the continent’s few stable secondary markets outside Africa’s top four startup ecosystems.
While countries such as Ghana recorded major setbacks, with funding volumes falling by 59%, Morocco managed to maintain both investment levels and deal activity.
Yet despite this stability, the gap between Morocco and Africa’s leading technology markets remains significant.
According to recent market data by IFC, Kenya led the continent in 2025 after attracting $1.04 billion in funding, nearly thirteen times Morocco’s total.
South Africa followed with $715 million, ahead of Egypt with $604 million and Nigeria with $572 million.
Together, these four countries captured nearly 72% of all tech funding raised across Africa, while Morocco represented less than 2% of the continental total.
Still, analysts view Morocco’s performance as a sign of growing investor confidence in the Kingdom’s business climate and startup ecosystem, especially as many African markets continue to struggle with economic uncertainty and lower investment appetite.
Admaius expands African investment ambitions
Against this backdrop, investment firms focused on Africa are continuing to raise capital for long-term growth opportunities across the continent.
Among them is Admaius Capital Partners, an independent African-owned private equity company founded in 2021 and headquartered in Kigali.
The company operates regional offices across several African countries, including Morocco, Egypt, Kenya, South Africa, Rwanda, and Tunisia, while also maintaining a presence in London to strengthen ties with international investors.
The firm recently highlighted the performance of its first investment vehicle, Africa Fund I, launched in 2022 with $280 million.
The fund has already invested in eight African companies, building a track record that could help attract institutional investors to its new investment vehicle.
Admaius says its team is entirely made up of African investment professionals with extensive experience in private equity across the continent, positioning the company as one of the growing number of African-led firms seeking to reshape investment flows within Africa.
IFC considers major investment in new fund
The new fund has also attracted the attention of the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
In an information note published on May 8, the IFC said it is considering an investment of up to $25 million in the 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.
According to the institution, support from the IFC and other development finance institutions could play a key role in helping the fund reach its first closing and later mobilize additional private capital for a second closing, with a final fundraising target of $500 million.
Beyond financial returns, the IFC believes the project could improve access to equity financing for Africa’s mid-market companies, which continue to face major funding constraints despite growing demand for investment capital across the continent.
The institution also noted that the success of the fund could contribute to increasing competition and strengthening the depth of Africa’s private equity market at a time when African businesses are seeking more local and regional investment partners.
The proposed IFC investment is still awaiting formal approval from the organization’s board of directors.
