The Moroccan startup WafR raises 2.7 MDH and reaches 73 MDH of valuation. The new funds will enable it to increase the number of active grocers on its platform to 50,000, to better support the FMCG brands.
WafR, the application allowing retail brands to broadcast smart promotions to grocers, with a view to increasing their market share on the traditional channel, announces that it has raised 2.7 million dirhams (MDH) from UM6P Ventures, Plug and Play as well as several other Moroccan and foreign business angels. With this new investment, the Moroccan startup is now valued at 73 MDH, more than double its valuation during the previous round.
Remember that WafR had already ensured an initial fundraising of 3.5 MDH. In any case, the new funds will be used to support the growth of the startup but also to meet its ambitions in terms of expanding its network. WafR, which already has a network of more than 12,000 grocers, aims to reach 50,000 in order to allow its FMCG (Fast-moving consumer goods) partners to distribute intelligent promotions allowing them to gain market share.
“We continue to make significant technical and commercial progress in order to support FMCG distributors and brands,” says Ismail Bargach, co-founder of WafR.
Among the companies that participated in this new fundraiser is Plug and Play, the most active venture capital investor in Silicon Valley, with nearly three hundred investments made each year. Flug and Play has, in particular, invested in Dropbox, N26, PayPal and Flutterwave, the most valued startup in Africa which has reached three billion dollars in recent months.
This fundraising also saw the participation of UM6P Ventures, the venture capital investment fund of Mohammed 6 Polytechnic University (UM6P), whose mission is to promote entrepreneurship and accelerate innovation. scientist in Morocco and Africa.
“We are delighted to invest in WafR, a startup with high growth potential, and to contribute to its development with the support of the UM6P ecosystem. WafR has benefited from the Plug&Play partner acceleration program, its funding, and the talented coders and developers from the 1337 school,” noted Yasser Biaz, CEO of UM6P Ventures.
And to add: “WafR is an innovative solution that allows mass distribution players to distribute smart promotions to grocers while optimizing the customer experience and the purchasing power of application users”.
Sanae Raqui / ECO Inspirations