- Morocco-based fintech and rewards startup WafR, has raised $278,000 at a $7.5 million valuation in a funding round led by UM6P Ventures, Plug and Play, with participation from a group of undisclosed local and international angel investors.
- Founded in 2018 by Ismail Bargach and Reda Sellak, WafR allows FMCG retailers to offer discounts on its platform and in the hope of acquiring more customers.
- With the fresh funds, WafR hopes to grow its network of grocery stores from 12,000 to 50,000.
Following an initial round of funding of 3.5 million Moroccan Dirhams (MAD), WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, announced that it has raised 2.7 million dirhams from UM6P Ventures, Plug and Play and several other Moroccan and foreign business angels.
With this new investment, the Moroccan startup is now valued at 73 million dirhams, more than double the valuation of the previous round.
Among the notable investors is Plug and Play, the most active venture capitalist in Silicon Valley which makes nearly three hundred 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.
Another participant in this funding round was UM6P Ventures, the venture capital investment fund of Mohammed 6 Polytechnic University (UM6P), whose mission is to promote entrepreneurship and accelerate scientific innovation in Morocco and Africa.
"We are delighted to invest in WafR, a startup with strong growth potential, and to contribute to its development with the support of the UM6P ecosystem. WafR has benefited from the Plug and Play partner acceleration program, its funding, and the talented coders and developers from the 1337 Coding School. WafR is an innovative solution that enables retail players to deliver smart promotions to grocers while optimizing the customer experience and the purchasing power of the app's users," said Yasser Biaz, Managing Director of UM6P Ventures.
"Closing a major funding round in these uncertain economic times is a testament to the promise our investors see in WafR and its ability to innovate in the fast-paced retail sector," continued Ismail Bargach, co-founder of WafR.
Better serving retail brands
The new funds will be used to support the startup's growth but also to meet its ambitions in terms of expanding its network of grocers.
With a network of more than 12,000 grocers, WafR aims to reach 50,000 partner grocers to enable its FMCG partners to deliver smart promotions that help them gain market share.
"We continue to make significant technical and commercial progress to support FMCG retailers and brands," concluded Bargach.