The Moroccan startup ORA Technologies announces the closing of its Series A for a total of 7.5 million, led by Azur Innovation Fund alongside three other strategic local investors. Since January 2023, ORA has raised a groundbreaking record of 11.9 million in local funding and demonstrates the ability of the Moroccan Tech Ecosystem to support its local tech gems.
ORA is well-known in Morocco to be the promoter of the E-Morocco for Everyone initiative that targets easing access for every Moroccan with E-Commerce and Digital Payment.
ORA is very active in the local retailtech and fintech space and aims to benefit from the Moroccan fast-growing food delivery and mobile wallet market. ORA food delivery app Kooul recorded more than 15,000 active clients in the last 10 months thanks to its affordable offers and fair economic model for restaurants and riders. In the meantime, ORA Cash, its universal mobile wallet enabling users to open a payment account in 15 seconds and perform free and instant money transfers, has achieved more than 50,000 accounts in 5 months and started to be used by riders to digitise the massive cash on delivery business in Morocco.
This landmark achievement shows a strong commitment from local investors to the local startup ecosystem and we are proud and honoured about it. 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. 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.
