Moroccan startup ORA Technologies has announced the close of its Series A funding round, raising a total of US$7.5 million.
The round was led by Azur Innovation Fund, alongside three other local strategic investors.
This brings ORA’s total local funding since January 2023 to US$11.9 million, a record amount that underscores the increasing capacity of Morocco’s tech ecosystem to support domestic startups.
ORA is known for its involvement in the “E-Morocco for Everyone” initiative, which aims to improve access to e-commerce and digital payment services across the country.
Active in both the retailtech and fintech sectors, ORA is looking to further tap into Morocco’s rapidly expanding food delivery and mobile wallet markets.
Its food delivery platform, Kooul, has attracted over 15,000 active users in the past ten months, with traction driven by competitive pricing and a business model designed to be economically sustainable for both restaurants and delivery personnel.
Meanwhile, ORA Cash, the company’s mobile wallet offering, allows users to open a payment account within 15 seconds and perform free, instant money transfers.
Since launch, it has registered over 50,000 accounts in five months and is increasingly used to digitise Morocco’s traditionally cash-based delivery transactions.
“This landmark achievement shows a strong commitment from local investors to the local startup ecosystem, and we are proud and honoured about it,”
said ORA founder, Omar Alami.
“It proves that local funding alternatives exist for later stages and encourages Moroccan founders to raise more money locally to scale up. We will use the proceeds to accelerate our last-mile business and strengthen our digital cash collection capabilities.”
Alami added:
“ORA is a good example of a 100% Made in Morocco journey and is ready to explore local and international growth opportunities. We have seen the Moroccan tech ecosystem boiling lately and getting a substantial growing interest from international and local VCs since the Moroccan Sovereign Fund Fonds Mohammed VI pour l’investissement decided to support the local tech ecosystem; this is a unique opportunity that empowers Moroccan founders.”
Featured image credit: ORA Technologies
