- Morocco-based fintech and rewards startup WafR, has raised $455,00 in a round led by Launch Africa Ventures, First Circle Capital, WeLoveBuzz, with participation from a group of angel investors.
- This round brings the startup’s valuation to $9 million.
- This marks WafR’s third round of funding this year, taking the total funds raised to date to $1.08 million.
- Founded in 2018 by Ismail Bargach and Reda Sellak, WafR helps customers find deals and discounts on a variety of products sourced from local shops.
- With the fresh funding, WafR aims to increase its network of retailers to 50,000 as well as hire new talent.
WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, announced today that it has raised $455k in addition to the $620k previously raised.
WafR’s ambition is to provide the best possible support to retail brands. This new investment will allow the Moroccan startup to expand its network of partner grocers and grow its teams.
Following this funding round, WafR is now valued at 9 million dollars.
The funding was raised from Launch Africa Ventures, a prestigious pan-African venture capital fund based in South Africa, First Circle Capital, WeLoveBuzz and other business angels.
"We are very pleased with the group of investors we were able to secure in this new funding round and are proud of the strong growth experienced by WafR over the past 12 months," stated “Ismail Bargach, co-founder of WafR.
These funds will be used to support the growth of the startup but also, and most importantly, to meet its ambitions in terms of expanding its network of grocers. Currently, WafR has 20,000 grocery partners and aims to reach a total of 50,000, helping its FMCG customers to deliver smart promotions that will enable them to increase their market share.
This investment will also allow WafR to expand its team by hiring a late co-founder and thereby to accelerate its commercial activities.