- WafR, a fintech company based in Morocco, has raised $120,000 from First Circle Capital. With this funding, the company is worth more than $10 million.
- This is the fourth round of funding for the new company in 2022. So far, $1.22 million has been raised.
- Ismail Bargach and Reda Sallak started Wafr together in 2018. It digitises cashback and in-store rewards, which helps FMCG brands and retailers build customer loyalty.
- With the recent financing, WafR can extend its network of clients and FMCG brands.
WafR announced that it had raised $120,000 from First Circle Capital. WafR is an app that allows retail companies to send intelligent promos to grocers to grow their market share through the traditional channel.
WafR is now worth $10.120 million because of this new investment.
WafR has already received investment from First Circle Capital in a prior round of funding that took place in June of last year. First Circle Capital is a venture capital fund that invests in the future generation of FinTech in Africa.
Our goal at First Circle Capital is to assist financial technology companies based in Morocco and Africa in general. After making the first investment, we are ecstatic to share the news of a subsequent acquisition of a higher amount.
WafR is uniquely positioned in Morocco, at the intersection of the retail and fintech industries. The company is committed to innovation and continues to do so by connecting retail brands with an expanding network of partner grocers.
After the startup’s key performance indicators (KPIs) and the founding team’s knowledge grew exponentially, we were even more convinced and decided to invest more than ten times what we had already put in.
First Circle is optimistic about WafR’s future, and Selma Ribica, Co-Founder and Managing Partner at First Circle Capital, said, “I’m looking forward to the next few months to see how it develops in Morocco many other countries in the future.”
With this investment, WafR can add more grocery stores to its network and reach 50,000 active partner stores within six months.
Ismail Bargach, one of the co-founders of WafR, said, “This new round of funding shows how ambitious the whole WafR team is. We all want to help retailers and FMCG brands in the best way possible.”