ORA Technologies, a Morocco-based technology startup, has announced a US$1.9 million Pre-Series A funding round led by Witamax and Azur Innovation Fund.
Historically backed by local business figures, the company is welcoming venture capital investors to its cap table for the first time, bringing its total funding to US$4.4 million since its inception in 2023.
The funding will support the company’s expansion strategy, enabling it to scale Kooul, its food delivery platform, which has expanded to six cities in just five months, and accelerate the development of ORA Cash, its newly launched digital payment and free money transfer service.
Kooul seeks to make food delivery more accessible while ensuring fair working conditions for its delivery partners.
The company provides competitive compensation for riders, maintains high service standards for customers, and offers lower commission rates for restaurants, allowing them to benefit from Kooul’s growing user base.
ORA Cash enables users to open an account in just 40 seconds using only a phone number, with an intuitive, chat-based app available in five languages, including Moroccan Darija.
Designed as a fast and cost-effective mobile payment and virtual banking solution, ORA Cash facilitates seamless digital transactions and free peer-to-peer money transfers.
The service particularly benefits unbanked and underbanked populations, integrating them into the financial system through a network of more than 7,000 cash-out locations in partnership with Banque Centrale Populaire, Morocco’s second-largest retail bank.
Commenting on the funding round, ORA Technologies Founder, Omar Alami, said,
“This fundraising comes at a time when all eyes are on Morocco. Our country is the very next tech hub in Africa, benefiting from solid macro fundamentals, a stable currency, a deep consuming market of 40 million people, and a new wave of smart and competitive tech founders empowered by a huge government-led digital and financial inclusion initiative.”
Featured image credit: ORA Technologies
