The Egyptian startup Waffarha, which specializes in group-buying, has recently raised a substantial seed investment in the seven-figure range, aimed at accelerating its growth trajectory. This infusion of capital is earmarked for enhancing the startup’s technological backbone, attracting and hiring new talent, and facilitating its geographic expansion, particularly into the Saudi Arabian market.
Established in 2012, Waffarha has built a reputation for offering significant discounts on a wide array of products and services. These deals are made available daily to consumers via the company’s website and mobile application. Boasting a robust network that includes over 1,000 partnering merchants and spans more than 3,000 retail outlets, Waffarha has successfully attracted a customer base that exceeds five million individuals.
The seed funding round was spearheaded by Value Makers Studio (VMS), a venture studio based in Saudi Arabia that is known for its strategic investments. The collaboration with VMS not only secures the necessary funds for Waffarha’s foray into the Saudi market but also provides the startup with valuable marketing insights and support to enhance its market penetration within the kingdom.
In a move to broaden its service portfolio, Waffarha is also looking to introduce additional features, such as the capability for customers to pay bills through its platform. VMS is committed to nurturing promising business concepts into flourishing enterprises by offering a blend of financial resources, access to skilled professionals, and strategic mentorship.
The venture studio’s overarching goal is to bolster innovative startups, drive technological innovation, generate employment opportunities, and cement its footprint in the Saudi Arabian business landscape.
VMS has also initiated the “Bridge Programme,” a strategic initiative designed to ease the entry of Egyptian tech startups into the Saudi market. Their investment portfolio is diverse, including other successful entities such as Akhdar, Awfar, and OBM Education.
