To speed up the development of its AI-powered, fintech-enabled platform, Moroccan retail technology startup Woliz has raised a US $2.2 million pre-seed funding round.
Woliz, which was founded by Kamal El Hardouzi, is digitizing and organizing local retail by putting small businesses at the center of a cohesive ecosystem that links institutions, consumers, telecoms, finance, and commerce.
Its platform allows merchants to digitally order stock, track sales automatically, and verify income. It also helps merchants establish a financial footprint and enhance their access to credit from financial institutions. The goal is to empower independent shop owners with tools that are typically available to large retail chains.
Sanlam Maroc, the Moroccan division of the financial services behemoth Sanlam Group, led the startup’s US $2.2 million pre-seed round. By growing the team and expediting merchant onboarding across several Moroccan cities, the investment will hasten the development and launch of the Woliz platform.
Additionally, the business intends to eventually expand its model to other African markets that are dealing with comparable issues with retail and financial infrastructure.
“Morocco is the foundation. Africa is the natural extension,” the company said in a statement.
