Moroccan tech company ORA Technologies secures $7.5 million in Series A funding round
Morocco's homegrown superapp, ORA Technologies, has successfully closed a Series A funding round of $7.5 million, led by Azur Innovation Fund. Three strategic Moroccan investors also joined the round, bringing the total local fundraising for the company since January 2023 to $11.9 million.
Founded by Omar Alami in 2023, ORA Technologies has positioned itself as a symbol of local innovation and resilience in fintech and retailtech. The company's recent fundraising is a testament to the growing support from local investors and institutions, such as the Moroccan Sovereign Fund, which is playing a pivotal role in the maturation of the Moroccan tech ecosystem and attracting international interest.
The funding will be used to accelerate ORA's last-mile delivery services, a critical component of its logistics and on-demand offerings. Additionally, ORA is actively working to digitize Morocco's large cash-on-delivery economy, a major market challenge. The funds will strengthen ORA's digital cash collection capabilities, which are essential for scaling its mobile wallet and improving transaction efficiency across its platforms.
One of ORA's key offerings, Kooul, a food delivery app, has attracted over 15,000 active clients in the last 10 months. Its success is attributed to affordable offers and a fair economic model that benefits restaurants and riders. ORA Cash, the company's universal mobile wallet, has amassed over 50,000 accounts in just five months. It is significantly used by delivery riders to digitize what was traditionally a cash-on-delivery payment method in Morocco.
Omar Alami expressed pride and honor about the fundraising, stating that it shows local investors' commitment to the local startup ecosystem. He also highlighted that the company's strategy is not just to consolidate its position in Morocco's fast-growing food delivery and mobile wallet markets, but also to explore both local and international expansion opportunities.
With this new funding, ORA Technologies is poised to further scale its last-mile logistics and digital payment infrastructure, and to digitize cash-based commerce in Morocco while preparing for broader growth.
The founders of ORA Technologies, led by Omar Alami, will use the $7.5 million Series A funding to scale their last-mile logistics and digital payment infrastructure, and to further digitize cash-based commerce in Morocco, in preparation for broader business expansion. The finance raised will also strengthen ORA's digital cash collection capabilities, essential for scaling its mobile wallet and improving transaction efficiency across its e-commerce and technology platforms.
