Moroccan retail-tech startup WafR receives $120K in funding
WafR, a Morroccan startup that helps retail brands to deliver promotions to grocers, has raised a further $120,000 in funding to expand its network of grocers.
- Founded in 2021, WafR is an app that enables retail brands to broadcast and deliver smart promotions to grocers in order to increase their market share in the traditional channel.
- This latest investment values the startup at $10.12 million. Earlier this year, WafR closed a $1 million seed round participation from First Circle Capital. Now, it's getting an additional $120,000 to from First Circle Capital to enable it expand its network of grocers and reach 50,000 active partner grocers within six months.
- “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,” said Ismail Bargach, co-founder of WafR.
- “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." Selma Ribica, co-founder and managing partner at First Circle Capital said.
- Adding that "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."
