Techbytes: ORA technologies reportedly secures $7.5 million series A in Morocco’s largest local-led tech round (TechAfrica)

The Moroccan startup, ORA Technologies, has reportedly closed its Series A for a total of $7.5 million, led by Azur Innovation Fund alongside three other strategic local investors.

A report by TechAfrica indicated that since January 2023, ORA had reportedly 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 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.

Omar Alami, Founder, ORA Technologies, in his commit said the landmark achievement showed a strong commitment from local investors to the local startup ecosystem and that they were proud and honoured about it.

He said it proved that local funding alternatives existed for later stages and encouraged 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 percent 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,” he added.

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