WafR enables retail brands to offer smart promotions to grocers and is now valued at USD 10.12 million.
WafR, a Moroccan application that allows retail brands to deliver smart promotions to grocers has announced that it has received USD 120,000 in funding from First Circle Capital. The company’s promotion system aims to help businesses increase their market share within traditional channels and assists customers in finding deals.
WafR: The second round of funding
This is WafR’s second round of funding, with the first occurring in June, the company is now valued at USD 10.12 million. First Circle Capital is a venture capital fund that invests in the next generation of African fintech businesses. First Circle also took part in the June funding round along with WeLoveBuzz and Launch Africa Ventures.
With both rounds, the company has raised USD 1.2 million this year and plans to invest the raised funds to expand its customer base and reach 50,000 active partner retailers within six months.
“The crossroads of retail and fintech”
“At First Circle Capital, we want to support fintechs in Morocco, in particular, and in Africa, in general. After a first investment, we are delighted to announce a new investment of greater size. WafR is uniquely positioned at the crossroads of retail and fintech in Morocco and continues to innovate by providing retail brands with an ever-growing network of partner grocers. Moreover, these small retailers are currently largely dominated by cash payments. After seeing exponential growth in all of the startup’s KPIs and the founding team’s know-how, our conviction was reinforced and we decided to multiply the amount of money we had previously invested by more than 10. At First Circle, we are confident about the future of WafR and look forward to the next few months to see how it evolves in Morocco today and in many other countries tomorrow,” said Selma Ribica, Co-Founder and Managing Partner at First Circle Capital.
“This new round of financing reflects the ambition of the entire WafR team, which is united around a single objective: to provide the best possible support to retailers and FMCG brands,” concluded Ismail Bargach, co-founder of WafR.
Last month, investment firm Moroccan venture firm BCME launched a USD 4.5 million fund to foster development within the local startup ecosystem.