Moroccan fintech startup WafR has raised $120,000 from Casablanca-based fintech-focused venture capital First Circle Capital in its fourth round of funding in 2022.
WafR has raised $1.2 million this year which contributed to a significant increase in the company’s valuation to reach $10 million. The startup plans to invest raised funds to expand its customer base and reach 50,000 active partner retailers within six months.
The startup, founded in 2021 by Ismail Bargach and Reda Sallak, aims to digitize cashback and in-store rewards allowing retailers and fast-moving consumer goods (FMCG) brands to boost their customer loyalty.
The company capitalizes on the growing regional FMCG market which is valued at $30 billion in Morocco and $600 billion all over Africa, according to its co-founder Bargach.
Bargach thinks that the new funding round would support the startup’s objective of providing “the best possible support to retailers and FMCG brands.”
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This week, First Circle Capital reiterated its support for WafR’s vision by re-investing in the Moroccan startup. In June, the Casablanca-based venture capital contributed to WafR’s $1 million seed round along with WeLoveBuzz and other business angels.
“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 explained.
Given that WafR enjoys “unique” market positioning at the crossroads of retail and fintech in Morocco, Ribica says that First Circle Capital is “confident about the future of WafR and look[s] forward to the next few months to see how it evolves in Morocco today and in many other countries tomorrow.”
SOURCE: Morocco news
