Grace Ashiru
Moroccan retail technology startup First Circle Capital has provided WafR with a $120,000 fundraising round. WafR enables marketers to enhance their market share by broadcasting smart promotions to grocers.
Selma Ribica, co-founder and managing partner of First Circle Capital, says, “At First Circle, we invest in founders who drive digitalization and financial inclusion in the African context.
Wafr in Morocco is a solution for the retail sector that jumps ahead of the curve.” Morocco has the sixth largest economy in Africa, and 30% of its GDP comes from the informal economy.
Selma Ribica, co-founder and managing partner of First Circle Capital, says, “At First Circle, we invest in founders who drive digitalization and financial inclusion in the African context. Wafr in Morocco is a solution for the retail sector that jumps ahead of the curve.” Morocco has the sixth largest economy in Africa, and 30% of its GDP comes from the informal economy.
According to Ribica, the retail sector in which Wafr operates is dominated by semi-formal players and cash payments.
“It is presumed that only 20 percent of food is bought and sold in stores. The retail market in Morocco is estimated to be worth $13 billion per year. If a business focuses on the informal part of this market, it can reach a market worth about $10 billion annually.
Ribica says that Wafr is the first company to launch the unique B2B2C model to digitize the relationships between manufacturers, retailers, and consumers in the small retail segment.
It lets brands discover who their customers are and increase their loyalty to FMCG brands through unique loyalty cash-backs. It also finds a way for the incentive structure to work for everyone: FMCG products, small businesses, and customers.
We chose to double down on our investment in Wafr after witnessing the exceptional execution of this challenging model in the market, triple-digit MoM revenue growth, and the founding team’s razor-sharp focus. We eagerly await their expansion in Morocco and the rest of Francophone Africa.
According to WafR co-founder Ismail Bargach, the latest investment would allow the company to extend its grocery network and reach 50 000 active partner grocers within six months. “This new round of funding shows how much the WafR team wants to help retailers and FMCG brands in the best way possible.
