WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, has announced that it has raised $455,000 in addition to the $620,000 previously raised.
WafR’s ambition is to provide the best possible support to retail brands. The new investment will allow the Moroccan startup to expand its network of partner grocers and grow its teams.
Following this funding round, WafR is now valued at $9 million.
In early April this year, WafR announced that it had raised $278,000 from UM6P Ventures, Plug and Play and several other Moroccan and foreign business angels. With the new investment, the Moroccan startup saw its valuation rise to $7.5 million, more than double the valuation of the previous round.
Significant growth
The funding 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.
“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,” stated Ismail Bargach, co-founder of WafR.
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.
The investment will also allow WafR to expand its team by hiring a late co-founder and thereby to accelerate its commercial activities.
Founded in 2021, WafR is an app that enables retail brands to deliver smart promotions to grocers in order to
increase their market share in the traditional channel. The startup supports retailers and helps them increase their market share.
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