Moroccan Retail-Tech Startup WafR Raises $120k in Funding to Expand Its Network
WafR, a Moroccan retail-tech startup that helps retail brands deliver promotions to grocers, has secured an additional $120,000 in capital as it expands its network of grocers.
Founded in 2021, WafR is a mobile app that allows retail brands to broadcast and distribute smart promotions to grocers in order to grow their market share in the conventional channel.
Earlier this year, the startup had closed a seed round worth US$1.075 million, and it has now banked an extra US$120,000 from First Circle Capital, a previous investor. The new investment values the startup at US$10.12 million and will enable WafR to expand its network of grocers and reach 50,000 active partner grocers within six months.
“This new round of financing reflects the ambition of the entire WafR team, which is united around a single objective: to provide the best possible support to retailers and FMCG brands,” said Ismail Bargach, co-founder of WafR.
“At First Circle Capital, we want to support fintechs in Morocco, in particular, and in Africa, in general. After a first investment, we are delighted to announce a new investment of greater size. WafR is uniquely positioned at the crossroads of retail and fintech in Morocco and continues to innovate by providing retail brands with an ever-growing network of partner grocers,” said Selma Ribica, co-founder and managing partner at First Circle Capital.
“Moreover, these small retailers are currently largely dominated by cash payments. After seeing exponential growth in all of the startup’s KPIs and the founding team’s know-how, our conviction was reinforced and we decided to multiply the amount of money we had previously invested by more than 10. At First Circle, we are confident about the future of WafR and look forward to the next few months to see how it evolves in Morocco today and in many other countries tomorrow.”
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