Investment of $7.5 million in Series A funding secured by ORA Technologies, marking the biggest locally-led technology round in Morocco.
The Moroccan tech ecosystem has been gaining significant attention from both international and local venture capitalists, with ORA Technologies being a shining example of a homegrown success story. This 100% Made in Morocco venture is now ready to explore local and international growth opportunities.
ORA Technologies, a Moroccan startup, has recently announced the closure of its Series A, raising a groundbreaking $7.5 million. The investment round was led by Azur Innovation Fund and three other strategic local investors, bringing the company's total local funding to $11.9 million since January 2023. This milestone marks a significant step forward for Morocco's tech ecosystem.
The company operates two key services: Kooul, a food delivery app, and ORA Cash, a mobile wallet. Kooul has managed to attract over 15,000 active users within just 10 months, while ORA Cash has achieved over 50,000 users in five months. ORA Cash is particularly notable for digitizing the "cash on delivery" business in Morocco.
ORA's business model focuses on making digital services more accessible, particularly in e-commerce and digital payments, especially in underserved areas. The funds secured will be used to expand ORA's platform offerings, consolidate logistics infrastructure for Kooul, and enhance the penetration of ORA Cash in the Moroccan market.
The Moroccan Sovereign Fund, "Fonds Mohammed VI pour l'investissement", has also decided to support the local tech ecosystem, providing a unique opportunity for Moroccan founders. ORA Technologies' success is a testament to local investors' commitment to the Moroccan startup ecosystem.
ORA Technologies' founder, Omar Alami, expressed pride and honour about the investment in his company. He stated that the funds will be used to accelerate last-mile business and strengthen digital cash collection capabilities. The startup aims to become a leading player in Morocco's digital economy, leveraging local investment to support its growth.
The company is active in the local retailtech and fintech space and is committed to the E-Morocco for Everyone initiative, which aims to ease access to e-commerce and digital payment for all Moroccans. As the Moroccan tech ecosystem continues to evolve, with a trend towards involving more national capital in innovative projects, ORA Technologies is well-positioned to capitalize on Morocco's growing demand for digital services, particularly in food delivery and mobile payments.
ORA Technologies, with its success in food delivery app Kooul and mobile wallet ORA Cash, is utilizing the $7.5 million Series A investment to expand its platform offerings, strengthen its logistics infrastructure, and increase the penetration of ORA Cash in the Moroccan market. This investment and growth strategy align with the E-Morocco for Everyone initiative, a commitment to making digital services more accessible for all Moroccans, and positions ORA Technologies as a leader in Morocco's digital economy, leveraging local investment for continued growth in fintech and retailtech.
