Waffarha, an Egyptian group-buying business, has received a seed round of funding in the seven figures.
The funds will be used to enhance the company’s technology, recruit top people, and expand its reach beyond Saudi Arabia.
Waffarha is a group-buying website and mobile app that was founded in 2012 by Tarek Magdy and Noha Hamdy. It offers discounts to online clients through special daily deals that range from 50% to 90%.
The collaboration between Waffarha and VMS will not only make it easier for the platform to grow in Saudi Arabia, but it will also help it improve its marketing initiatives and guarantee that Saudi customers are aware of and engaged with it. In addition, the firm wants to broaden its customer base by introducing new services like bill paying.
VMS is a venture studio that combines a wide range of skills, assets, and concepts to turn creative ideas into profitable ventures. Its goals are to create jobs, push technological innovation, support exceptional entrepreneurs, and gain a strategic footing in the Saudi market.
The company has also invested in companies including Akhdar, Awfar, and OBM Education. It recently established its “Bridge Programme” to assist Egyptian tech entrepreneurs in expanding smoothly into Saudi Arabia.
With more than 3,000 stores and more than 1,000 merchants, the platform serves over five million customers. Now that it has investment from the Saudi Arabian Value Makers Studio (VMS), the firm intends to grow even further.
Read more on Tech Gist Africa:
Bokra, an Egyptian fintech, has raised $4.6 million in a seed round of funding
Bluworks, an Egyptian HR tech startup, has raised $1 million in a pre-seed funding round
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