ORA Technologies, a Moroccan FinTech known for its push to digitise commerce and payments across the country, has completed its Series A funding round with $7.5m secured from local investors.
The round was led by Azur Innovation Fund, with support from three additional strategic investors based in Morocco, according to a report from wamda.
This latest investment brings ORA’s total local fundraising to $11.9m since January 2023.
The company is best known as the force behind the “E-Morocco for Everyone” initiative, which aims to make digital payments and e-commerce accessible to all Moroccans.
ORA Technologies CEO Omar Alami said, “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.
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