Morocco-based WafR, a fintech business, secures $120,000 in a seed round from First Circle Capital. Due to this funding, the company is worth more than $10 million.
With additional funding, the startup will look to grow its clientele and FMCG brand portfolio. Within six months, WafR wants to partner with 50,000 active grocery stores.
This week, First Circle Capital put more money into the Moroccan start-up to show that it still believes in WafR’s mission. Along with WeLoveBuzz and other business angels, the Casablanca-based venture capital firm contributed $1 million to WafR’s seed round in June.
“After seeing exponential growth in all of the startup’s KPIs [Key Performance Indexes] and the founding team’s know-how, our conviction was reinforced, and we decided to multiply the amount of money we had previously invested by more than 10,” First Circle Capital’s Co-Founder and Managing Partner Selma Ribica said in a statement.
The new company in 2022 is receiving investment for the fourth time in this round. $1.22 million has already been collected.
Wafr was started by Ismail Bargach and Reda Sallak in 2018. It digitizes cashback and in-store rewards to help FMCG brands and retailers build customer loyalty.
In June, First Circle Capital, a venture capital firm that invests in Africa’s growing FinTech sector, gave WafR money as part of an earlier round of funding.
Read also: Nigerian fintech Payhippo acquires Maritime Microfinance Bank
WafR Discloses First Cycle Capital Previous Investment
WafR disclosed that First Circle Capital had contributed $120,000 to its funding. Using the WafR app, retail businesses can send grocery stores smart promotions to increase their market share through the conventional channel.
This new investment has increased the value of WafR to $10.120 million.
First Circle Capital has already invested in WafR in a previous round of funding that occurred in June last year. A venture capital firm called First Circle Capital makes investments in Africa’s developing fintech industry.
The goal of First Circle Capital is to help financial technology businesses in Morocco and all over Africa. We are thrilled to announce the news of a second purchase for a larger amount after making the initial investment.
The goal of First Circle Capital is to help financial technology businesses in Morocco and all over Africa. We are thrilled to tell you that after making the first investment, we bought something for more money.
WafR Raises $120,000 To Expand Customer Base
While many local communities are still unbanked or underbanked, the fintech sector is expanding in Morocco and throughout Africa.
In its fourth round of funding in 2022, WafR has secured $120,000 from Casablanca-based fintech-focused venture capital firm First Circle Capital.
This year, WafR raised $1.2 million, which significantly increased the company’s valuation to $10 million. The company plans to use the money it raised to get more customers and reach 50,000 active partner retailers in the next six months.
Ismail Bargach and Reda Sallak started the company in 2021. They wanted to digitize cashback and in-store rewards so that retailers and fast-moving consumer goods (FMCG) brands could increase customer loyalty.
New Areas Of Development For WafR
The firm will utilize this money to support its expansion, but more importantly, to achieve its goals of growing its network of grocery stores. WafR already works with 20,000 grocery partners and hopes to work with 50,000 eventually, all while assisting its FMCG clients in executing clever promotions that will help them grow their market share.
Additionally, thanks to this investment, WafR will be able to hire a late co-founder to grow its team and quicken its commercial operations.
WafR is a platform that Bargach and Reda Sellak made in 2018 that lets FMCG businesses offer discounts to get more customers. As Wamda has already reported, one of WafR’s major investors is Plug and Play, which is the most active venture capitalist in Silicon Valley and makes about 300 investments a year.
Plug and Play have also put money into Dropbox, N26, PayPal, and Flutterwave, which has been valued at $3 billion and is the most valuable start-up in Africa.
