Tech in Africa
Egypt cashback marketplace WaffarX has raised an undisclosed multi-million financing round from Lobby Capital, a silicon valley-based venture capital firm making its debut investment across MENA. WaffarX was founded by Ezz Fayek, Mahmoud Montasser, and Ahmed Kamal in 2018 and uses cutting-edge technology to distribute cashback rewards helping shoppers save on dollars spent. The startups’ secure channel helps brands shift and spend directly to customers through cashback rewards. The idea is to create a deeper loyalty for brands as customers monetize their own data, instead of third parties.
WaffarX has designed a solution that creates direct results while transforming every transaction into a potential savings opportunity. Ezz Fayek, WaffarX CEO/co-founder described the investment by Lobby Capital and existing investor A15, as “a huge endorsement of WaffarX’s business model and strategy.”
Lobby Capital is based in San Francisco and has experience investing in cashback platforms. David Hornik, the General Partner pointed out, “We are very excited that the right business model and right people can come together for Lobby’s first investment in the region.”
Over 260 merchants partners have been onboarded by WaffarX alongside 450,000 members. The company offers cutting-edge technology which provides what modern customers and merchants want. The Egypt startup will use the funds to drive user acquisitions, expand its platform, and expand further into MENA.
Source: WAMDA
