WafR, an application that allows mass retail brands to broadcast smart promotions to grocery retailers in order to increase their market share on the traditional channel raised 2.7 million Moroccan dirhams, which accounts to almost $278k.
The round was led by UM6P Ventures, Plug and Play, and several other Moroccan and foreign business angels, following an initial fundraising of 3.5 million Moroccan dirhams. The funds will be utilized to support the startup’s growth, but more importantly, to accomplish its goals in terms of growing its network of supermarkets.
With this fresh investment, the Moroccan startup’s valuation has increased to 73 million Moroccan dirhams, which accounts to almost $7.5 million, more than doubling the previous round’s valuation.
WafR, which has a network of over 12,000 retailers, aspires to reach 50,000 partner grocery stores in order to enable its FMCG partners to deliver smart promotions and gain market share.
Read more: Morocco’s Guichet raises $311k from CDG Invest
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.
