WafR, a Moroccan retail tech startup that allows companies to broadcast smart promotions to grocers in order to boost market share, has raised $1 million in a seed round.
Launch Africa Ventures, a famous pan-African venture capital fund based in South Africa, as well as First Circle Capital, WeLoveBuzz, and other business angels, contributed to the funding round.
WafR is currently valued at $9 million following this funding round.
WafR, a startup founded by Ismail Bargach and Reda Sellak in 2018, allows FMCG businesses to offer discounts on their platform in the hopes of gaining more customers.
“We are very pleased with the collection of investors we were able to obtain in this new investment round, and we are proud of WafR’s remarkable growth over the previous 12 months,” said WafR co-founder Ismail Bargach.
WafR currently has 20 000 grocery partners and plans to achieve a total of 50 000 in the near future, assisting its FMCG customers in delivering smart promotions that will help them grow their market share.
WafR will be able to grow its staff by employing a late co-founder and so accelerate its commercial activities as a result of this funding.
It will be able to extend its network of partner grocers and increase its personnel with this fresh financing.
This funding will also be utilized to support the startup’s growth, but most crucially, to help it achieve its goals of growing its grocery network.
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