Grace Ashiru
Waffarha, an Egyptian group-buying platform, has secured a significant seed funding round in the seven-figure range. The investment will be allocated towards bolstering the company’s technology infrastructure, attracting top talent, and expanding its operations beyond the borders of Saudi Arabia.
Established in 2012 by Tarek Magdy and Noha Hamdy, Waffarha operates both a website and mobile application, offering daily discounts ranging from 50% to 90% to its online clientele.
The strategic partnership between Waffarha and VMS is poised to streamline the platform’s expansion efforts in Saudi Arabia, while also enhancing its marketing strategies to ensure heightened visibility and engagement among Saudi customers. Additionally, the company aims to diversify its offerings by introducing new services such as bill payment, further broadening its customer base.
VMS, a venture studio, amalgamates diverse skills, assets, and ideas to transform creative concepts into lucrative ventures. Its objectives encompass job creation, technological advancement, entrepreneur support, and strategic establishment in the Saudi market.
The company has invested in various enterprises like Akhdar, Awfar, and OBM Education. Recently, it initiated the “Bridge Programme” to aid Egyptian tech entrepreneurs in seamlessly expanding into Saudi Arabia. With over 3,000 stores, 1,000 merchants, and a customer base exceeding five million, the platform is poised for further expansion with backing from the Saudi Arabian Value Makers Studio (VMS).
