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WafR raises $372,000


Source: Afrikanheroes

Following an initial investment of 300,000 dirhams made during a Moroccan TV show called “Who Will Invest In My Project,” several new investors have invested in WafR, a reward-based loyalty startup that allows users to earn phone recharges while shopping at retail shops. The startup has received 3.5 million dirhams ($372k) as a result of the funding.

The funding has increased the company’s value to 30 million dirhams ($3 million).

The financing will mostly be used to expand WafR’s retail network, with the goal of increasing the number of retail shops who use the app from 10,000 to 50,000, according to Ismail Bargach, co-founder of WafR.

WafR, which was founded in 2021, is an app that allows users to get a promotion at the time of purchase/sale in order to steer their purchases toward a specific brand. 

Essentially, WafR is a loyalty solution for large retailers. The application aids manufacturers in increasing market share, sales volume, and profit by guiding consumer choice. 

Retail shops account for 85% of sales in Morocco, while supermarkets account for 15%.

February 21st 2022, 12:17 pm
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