Morocco has tapped US heavyweights 500 Global and Renew Capital to lead a new cohort of operators for its “Startup Venture Building” programme, signalling a shift in the country’s strategy to internationalise its nascent tech ecosystem.
The initiative, officially launched in Rabat this week by the Ministry of Digital Transition and state-guaranteed financing institution Tamwilcom, is backed by a budget of 700m MAD (approx. $70m).
The move is part of the broader “Digital Morocco 2030” roadmap, as the government attempts to bridge the gap between early-stage enthusiasm and the structural lack of scalable, investment-ready companies in the region.
The “Venture Building” pivot
While previous state interventions have focused largely on grant distribution or infrastructure, this programme emphasises the “venture building” model — hands-on operational support covering the cycle from prototyping to market acceleration.
Following a selection process, Tamwilcom signed contracts with six support structures tasked with executing the programme. The list reflects a deliberate mix of local incumbents and international players with cross-border distribution networks:
- The Internationals: 500 Global (US), Renew Capital (US/Africa), Flat6Labs (Egypt/MENA), and Open Startup International.
- The Locals: CEED Morocco and Technopark (MITC).
The government has set a KPI of supporting 800 startups over the next three years through these operators.
“The goal is to support the emergence of a new generation of digital champions,” stated Amal El Fallah Seghrouchni, Minister of Digital Transition, during the signing ceremony.
Following the money
The launch comes amid a liquidity spike for the Moroccan ecosystem. According to government data released alongside the announcement, Moroccan startups raised approximately $94.9m in 2024. This represents a sharp increase from $33.2m in 2023 and $26.2m in 2022.
However, the state has aggressive targets that will require sustained growth. The “Digital Morocco 2030” strategy aims for annual fundraising to hit 7bn MAD (approx. $763m) by the end of the decade, with the digital economy contributing an estimated 100bn MAD to national GDP.
To fuel this, the government announced a total funding package of 1.3bn MAD ($142m) last week at the ‘Digital Now 2025’ conference in Casablanca. The allocation breaks down as follows:
- 750m MAD for business creation programmes.
- 450m MAD allocated to venture capital support.
- 70m MAD for the Technopark network.
The international angle
The inclusion of Renew Capital and 500 Global suggests a tactical effort to fix one of the Moroccan market’s historical weak points: insularity.
Renew Capital, which recently opened its regional headquarters at Technopark Casablanca, has been explicitly tasked with connecting Moroccan founders to sub-Saharan markets — a corridor Rabat views as essential for scale. This follows a partnership signed on December 4 between Technopark and the investment firm. Some of Renew Capital’s Moroccan investments include AI startup Hypeo AI as well as fintech firm Talaty.
Similarly, the November agreement with Keiretsu Forum MENA, a network of private investors with Silicon Valley roots, aims to expose local startups to foreign angel capital earlier in their lifecycle.
The reality check
Despite the capital injection and high-profile partnerships, the ecosystem faces structural hurdles. A report by Mohammed VI Polytechnic University (UM6P) published in June 2025 identified a “missing middle” in Moroccan financing.
While seed funding is becoming more available, the report highlighted a scarcity of Series A and B capital, insufficient exit pathways for early investors, and persistent regional disparities in funding distribution.
The government’s target is to produce 10 “gazelles” (high-growth companies) by 2026 and at least one unicorn by 2030. Whether the venture building model can convert early-stage volume into late-stage value remains the primary test for the ministry’s new international cohort.