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WafR, a Moroccan retail-tech application that allows brands to broadcast smart promotions to grocers to increase their market share, announced that it has raised $455 000 in addition to the $620 000 previously raised.
The North African start-up’s ambition is to provide the best possible support to retail brands. This new investment will allow it to expand its network of partner grocers and grow its teams. Following this funding round, WafR is now valued at $9 million.
The funding was raised from Launch Africa Ventures, a prestigious pan-African venture capital fund based in South Africa, as well as 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.
New areas of development for 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.
Founded in 2018 by Bargach and Reda Sellak, WafR allows FMCG retailers to offer discounts on its platform and in the hope of acquiring more customers. Wamda earlier reported that among WafR’s notable investors counts Plug and Play, the most active venture capitalist in Silicon Valley which makes nearly 300 investments each year.
Plug and Play has also invested in Dropbox, N26, PayPal and Flutterwave, the most highly valued start-up in Africa, which has reached a valuation of three billion dollars in recent months.