After initial fundraising of 3.5 million dirhams (US$278K), WafR, an application allowing mass retail brands to distribute smart promotions to grocers with a view to increasing their market share on the traditional channel, announces having raised 2.7 million dirhams ($US735K) 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 million dirhams (US$7.5M), more than double the valuation during the previous round.
Among the notable investors is Plug and Play, the most active venture capital investor in Silicon Valley with nearly three hundred investments made each year and which has notably invested in Dropbox, N26, PayPal and Flutterwave, the start-up up the best valued 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 scientific innovation 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, their funding, and talented coders and developers from the 1337 school. by optimizing the customer experience and purchasing power of app users,” says Yasser Biaz, Managing Director of UM6P Ventures.
Closing major funding round in these times of economic uncertainty is a testament to the promise our investors see in WafR and its ability to innovate in a booming Retail sector,” continued Ismail Bargach, co-founder of WafR.
Better serve retail brands
These funds will be used to support the growth of the startup but also and above all to meet its ambitions in terms of expanding its network of grocers.
With a network of more than 12,000 grocers, WafR aims to reach 50,000 partner grocers to enable its FMCG partners to distribute smart promotions allowing them to gain market share.
“We continue to make significant technical and commercial progress in order to support FMCG distributors and brands,” concludes Ismail Bargach.
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