WafR, a Moroccan retail technology startup, has raised an additional US$120,000 in funding as it continues to organize its network of grocery stores.
WafR assists retail brands in delivering promotions to grocers.
The business had closed a US$1.075 million seed round earlier this year, and it has since received an additional US$120,000 from First Circle Capital.
WafR, an app founded in 2021, enables retail businesses to broadcast and offer intelligent promotions to grocers in order to enhance their market share in the traditional channel.
Ismail Bargach, co-founder of WafR, stated that “this fresh round of investment shows the ambition of the whole WafR team, which is unified around a single objective: to give the greatest possible support to retailers and FMCG brands.”
“At First Circle Capital, we wish to help fintechs across Africa, especially in Morocco. We are excited to announce a new, larger investment following a first one. Selma Ribica, co-founder and managing partner at First Circle Capital, said of WafR: “WafR is ideally positioned at the confluence of retail and fintech in Morocco and continues to develop by offering retail brands with an ever-growing network of partner grocers.
WafR will be able to grow its network of grocery stores and reach 50,000 active partner grocers within six months thanks to the new funding, which values the startup at US$10.12 million.
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