Moroccan startup WafR, secures $278K from Plug and Play, other angel investors
WafR, an application that allows retail brands to broadcast smart promotions to grocers to improve their market share on the traditional channel, has raised $278K from UM6P Ventures, Plug and Play, and numerous other Moroccan and foreign business angels, following an initial round of funding of $372K.
The Moroccan startup now has a valuation of $7.5 million, which is more than double that of the previous round.
Well-known investors
Plug and Play, the most active venture capitalist in Silicon Valley, is one of the famous investors, making almost 300 investments each year.
Plug and Play has also made investments in Dropbox, N26, PayPal, and Flutterwave, Africa’s most valuable start-up, which has recently attained a valuation of three billion dollars.
UM6P Ventures, the venture capital investment fund of Mohammed 6 Polytechnic University (UM6P), was also a participant in this funding round. Its objective is to foster entrepreneurship and accelerate scientific innovation in Morocco and Africa.
“We are ecstatic to invest in WafR, a high-growth firm, and to assist to its development with the help of the UM6P ecosystem.” WafR has profited from the Plug and Play partner acceleration program, its funding, and the 1337 Coding School’s outstanding coders and developers. “WafR is a revolutionary solution that enables retail players to give smart promotions to grocers while improving the customer experience and spending power of the app’s users,” said UM6P Ventures Managing Director Yasser Biaz.
“Closing a significant investment round in these difficult economic times is a tribute to the promise our investors see in WafR and its capacity to innovate in the fast-paced retail sector,” said WafR co-founder Ismail Bargach.
Retail brands will be better served.
The fresh cash will be utilized to not only help the firm grow, but also to help it achieve its goals of growing its grocer network.
WafR, which has a network of over 12,000 grocers, aspires to reach 50,000 partner grocers by the end of the year in order to enable its FMCG partners to deliver smart promotions that help them win market share.
“To support FMCG retailers and brands, we continue to achieve substantial technical and commercial advances,” Bargach said.
