On Thursday, YORA Technologies, a Moroccan super app, announced that it had successfully raised $1.9 million in a pre-Series A funding round. This investment brings the company’s total capital to $4.4 million since its launch in 2023.
The funding round was led by local investment firms Witamax and Azur Innovation Fund, highlighting strong local investor confidence in YORA Technologies’ potential.
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Yora: All-in-one digital platform for Morocco
YORA Technologies offers an integrated platform that combines peer-to-peer transactions, e-commerce, on-demand services, chat functionality, and social networking.
The company aims to promote digital and financial inclusion in Morocco by providing accessible and easy-to-use digital solutions. The newly raised funds will be used to scale Kooul, YORA’s fast-growing food delivery service, which has expanded to six cities within five months.
As Omar Alami, founder of YORA Technologies, noted, “Our country is the very next tech hub in Africa, benefiting from solid macro fundamentals, a stable currency, a large consumer market of 40 million people, and a new wave of smart, competitive tech founders empowered by a huge government-led digital and financial inclusion initiative”.
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Investment fuels Morocco’s cashless future
The investment will also accelerate the development of ORA Cash, a digital payment and money transfer solution that enables users to create an IBAN account in just 40 seconds using only their phone number.
This aligns with the Moroccan government’s efforts to advance financial inclusion and a cashless economy. YORA Technologies is poised to enhance its offerings further, driving financial empowerment and setting new benchmarks in Morocco’s gig economy.
“This fundraising comes at a time when all eyes are on Morocco,” Alami emphasised, highlighting the country’s potential as a leading tech hub in Africa. The company’s integrated approach supports the government’s initiatives, positioning YORA Technologies as a key player in Morocco’s digital transformation. With this new investment, YORA Technologies is well-positioned to expand its services and support broader adoption across Morocco.