MOROCCO – WafR, a startup with an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, has announced that it has raised US$455,000 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.
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. Following this funding round, WafR is now valued at US$9 million.
“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.
About WafR Founded in 2021, WafR is an app that enables retail brands to deliver smart promotions to grocers in order to increase their market share in the traditional channel. The startup supports retailers and helps them increase their market share
WafR had raised US$278,000 in funding at a US$7.5 million valuation in 2021 as it aimed to increase the number of grocers on its platform to 50,000 to better support FMCG brands.
The funds were secured from UM6P Ventures, Plug and Play Ventures, and several other Moroccan and foreign international angels. WafR will use the funds to expand its active grocer partner base from 12,000 to 50,000, to enable its FMCG partners to deliver smart promotions that help them gain more market share.
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.