Moroccan Spend Management Startup Konta Raises USD 1.15 M Funding

Moroccan supplier spending management startup Konta has secured USD 1.15M (or 12 million Dh) from the Azur Innovation Fund. This funding comes just two months after the startup raised 2 million Dh (USD 192 K) from WITAMAX. Azur Innovation Fund’s latest fundraising effort seeks to boost domestic and global growth. The funding will also help position Konta to provide businesses with additional financial performance levers.

The startup, which is primarily targeting large accounts as well as Moroccan and international SMEs, aims to provide technology that streamlines and simplifies the process of managing supplier expenses through a systematic process, saving time, money, and resources for businesses in sectors such as banking, insurance, aviation, and the automotive industry. The startup also addresses issues such as regulatory compliance, error, omission, and fraud by ensuring an automatic audit and real-time approval of each supplier invoice, making the financial functions’ approval process much shorter and less complex.