The new investment will allow the startup to increase the number of active grocers on its platform to 50,000 to better support FMCG brands
Following a first round of funding of $372K, WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, announced that it has raised $278K from UM6P Ventures, Plug and Play and several other Moroccan and foreign business angels.
With this new investment, the Moroccan startup is now valued at $7.5M, more than double the valuation of the previous round.
Renowned investors
Among the notable investors is Plug and Play, the most active venture capitalist in Silicon Valley which makes nearly three hundred investments each year. Plug and Play has also invested in Dropbox, N26, PayPal, and Flutterwave, the most highly valued start-up in Africa, which has reached a valuation of three billion dollars in recent months.
Another participant in this funding round was UM6P Ventures, the venture capital investment fund of Mohammed 6 Polytechnic University (UM6P), whose mission is to promote entrepreneurship and accelerate scientific innovation in Morocco and Africa.
“We are delighted to invest in WafR, a startup with strong growth potential, and to contribute to its development with the support of the UM6P ecosystem. WafR has benefited from the Plug and Play partner acceleration program, its funding, and the talented coders and developers from the 1337 Coding School. WafR is an innovative solution that enables retail players to deliver smart promotions to grocers while optimizing the customer experience and the purchasing power of the app’s users,” said Yasser Biaz, Managing Director of UM6P Ventures.
“Closing a major funding round in these uncertain economic times is a testament to the promise our investors see in WafR and its ability to innovate in the fast-paced retail sector,” continued Ismail Bargach, co-founder of WafR.
Better serving retail brands
The new funds will be used to support the startup’s growth but also to meet its ambitions in terms of expanding its network of grocers.
With a network of more than 12,000 grocers, WafR aims to reach 50,000 partner grocers to enable its FMCG partners to deliver smart promotions that help them gain market share.
“We continue to make significant technical and commercial progress to support FMCG retailers and brands,” concluded Bargach.
As an Amazon Associate, TechCity may earn a small commission if you shop these products.
RUBFAC 129pcs Metallic Gold Balloons Latex Balloons Different Sizes 18 12 10 5 Inch Party Balloon Kit for Birthday Party Graduation Wedding Holiday Balloon Decoration
$9.99 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
2 Pack Foil Curtain Backdrop Silver Metallic Tinsel Foil Fringe Curtains Photo Booth Props for Birthday Wedding Engagement Baby Shower Bachelorette Christmas Holiday Celebration Party Decorations
$5.99 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
CELSIUS Assorted Flavors Official Variety Pack, Functional Essential Energy Drinks, 12 Fl Oz (Pack of 12)
$22.99 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Misxi 2 Pack Hard PC Case with Tempered Glass Screen Protector Compatible with Apple Watch Series 6 SE Series 5 Series 4 44mm, Black
$9.96 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Rowood Book Nook Kit, Bookshelf Insert Decor Alley 3D Wooden Puzzle, DIY Bookend Building Set Model Kit with LED Light -Sakura Tram
$46.99 (as of April 18, 2024 06:59 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Fire HD 8 Kids Pro | age 6-12 | Unleash creativity with included age-appropriate Amazon Kids+ content , robust parental controls, 13-hr battery | 32 GB, Hello Teal
$99.99 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
45W USB C Chromebook Charger Replacement Compatible with HP, Dell, Lenovo, Acer, Asus, Samsung, Google Type C Laptop Charger, Hp Chromebook X360 11 13 14 14A HP Spectre X360 13 Elite X2 Power Cord
$9.98 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Acer USB Hub 4 Ports, Multiple USB 3.0 Hub, USB A Splitter for Laptop with USB C Power Port, USB Extender for A Port Laptop, Windows, Linux, Acer PC and More (2ft)
$9.99 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
All-new Amazon Fire HD 10 tablet, built for relaxation, 10.1" vibrant Full HD screen, octa-core processor, 3 GB RAM, latest model (2023 release), 32 GB, Lilac
$94.99 (as of April 18, 2024 07:22 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
