First Circle Capital Invests $120,000 In Morocco's WafR

A retail-tech startup in Morroco, WafR, has received US $120,000 as investment from venture capital firm, First Circle Capital. This investment has raised WafR’s post-funding valuation to more than US $10 million.

WafR was co-founded by Reda Sallak and Ismail Bargach in 2018. Since its inception, the business has been able to secure a total of $1.22 million as of its fourth round of raises.

The startup was founded to digitize cashback and in-store rewards in other to assist SMEe, retailers and FMCG businesses to stimulate and increase consumer/purchasers loyalty.

The advantage of this recent fundraising is WafR’s latest ability to develop and increase its client base and perfect its brand portfolio.

This will be the second time First Circle Capital will be investing into WafR. The first investment was made in June 2022. with a couple of other investments, WafR is now worth about $10.120 million.

Announcing its latest investment activity, First Circle Capital’s  Managing Partner and Co-Founder, Selma Ribica revealed that the VC firm is interested in assisting fintects across the continent, and currently within Morocco.

Selma Ribica said, “We are excited to announce a new, larger investment following the first one. In Morocco, WafR is in a unique position at the nexus of retail and fintech. WafR keeps innovating by connecting retail brands with an expanding network of partner supermarkets. Furthermore, cash payments presently account for a sizable portion of sales at these tiny stores. Our conviction was strengthened by the startup’s KPIs seeing exponential development and the founding team’s expertise, and we made the decision to increase our first investment by more than ten times.”

She also  added that the firm is quite optimistic about WafR’s future and is patiently to watching its developments in the coming months within Morocco now and soon in several other nations across the world.

According to WafR’s co-founder, Ismail Bargach, “This fresh round of financing shows the ambition of the whole WafR team, which is unified around a single objective: to give the greatest possible assistance to retailers and FMCG brands.”