Morocco WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, has raised $455k in addition to the $620k previously raised to allow it to expand its network of partner grocers and grow its teams.
Following this funding round, WafR is now valued at 9 million dollars. In April this year, WafR raised US$278,000 in funding at a US$7.5 million valuation with a bid to increase the number of grocers on its platform to 50,000 to better support FMCG brands.
According to Ismail Bargach, co-founder of WafR, “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.”
WafR’s ambition is to provide the best possible support to retail brands. This new investment in the Moroccan startup 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.
New areas of development
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.