As it continues to organize its network of grocery stores, Moroccan retail-tech firm WafR has secured an additional US $120,000 in investment. WafR enables retail brands to distribute promotions to grocers.
WafR is an app that retail businesses may use to broadcast and send intelligent promos to grocers in order to grow their market share through the conventional channel. WafR was founded in 2021.
“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 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.”