Funds raised primarily from Launch Africa Ventures, one of Africa’s most prestigious VCs
WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, announced today that it has raised $455k in addition to the $620k previously raised.
WafR’s ambition is to provide the best possible support to retail brands. This 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 dollars.
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 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.
This investment will also allow WafR to expand its team by hiring a late co-founder and thereby accelerate its commercial activities.