$278k funding secured by Moroccan retail-tech startup WafR to add more grocers to platform
WafR, a Moroccan retail-tech firm that helps retailers distribute promotions to grocers, has secured $278,000 in investment at a value of $7.5 million, with the goal of reaching 50,000 grocers on its platform to better assist FMCG brands.
WafR, which was founded in 2021, is an app that allows retailers to broadcast and offer smart promotions to grocers in order to boost their conventional channel market share.
UM6P Ventures, Plug and Play Ventures, and numerous additional Moroccan and international angel investors contributed to the startup’s US $278,00 fundraising round, valuing it at US $7.5 million.
WafR plans to utilise the funding to increase the number of active grocer partners from 12,000 to 50,000, allowing its FMCG partners to provide smart discounts that help them gain market share.
“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,” said Ismail Bargach, co-founder of WafR. “We continue to make significant technical and commercial progress to support FMCG retailers and brands.”
UM6P Ventures managing director Yasser Biaz expressed his joy at the opportunity to invest in WafR, a firm with significant growth potential, and contribute to its development.
“WafR has benefited from the Plug and Play partner acceleration programme, 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 optimising the customer experience and the purchasing power of the app’s users,” he said.
