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).
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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.
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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%.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer