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, following an initial round of funding of 3.5 million Moroccan Dirhams (MAD).
The Moroccan startup now has a valuation of 73 million dirhams, which is more than double that of the previous round.
Plug & Play, the most active venture capital investor in Silicon Valley with approximately 300 investments each year, has made major investments in Dropbox, N26, PayPal, and Flutterwave, Africa’s most valuable start-up, which has recently hit a valuation of three billion dollars.
UM6P Ventures, the venture capital investment fund of Mohammed 6 Polytechnic University (UM6P), took part in the funding as well. Its objective is to foster 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.
These funds will be utilized to help the startup grow, but more importantly, to help it achieve its goals of expanding its grocer network.
WafR, which has a network of over 12,000 grocers, plans to reach 50,000 partner grocers by the end of the year to enable its FMCG partners to offer smart promotions and gain market share.
“We continue to make significant technical and commercial progress to support FMCG retailers and brands,” concluded Bargach.