In a move set to strengthen its growth approach, Waffarha, an Egyptian group-buying platform, has announced securing a substantial seed funding round, amounting to a figure in the seven-figure range. This injection of capital will be strategically allocated towards fortifying the company’s technological infrastructure, attracting top-tier talent, and extending its footprint beyond the borders of Saudi Arabia.
Founded in 2012 by Tarek Magdy and Noha Hamdy, Waffarha has established itself as a prominent player in the e-commerce arena, operating through both a website and a mobile application. The platform offers enticing daily discounts ranging from 50% to a staggering 90%, catering to its growing online clientele.
The recent infusion of funds comes amidst a strategic partnership between Waffarha and VMS, heralding a new chapter in the platform’s expansion journey. VMS, a venture studio renowned for its prowess in transforming innovative ideas into lucrative ventures, brings a wealth of expertise to the table. The collaboration is poised to streamline Waffarha’s expansion efforts in Saudi Arabia, augmenting its marketing strategies to enhance visibility and engagement among Saudi customers. Furthermore, the company plans to diversify its service offerings by introducing new features such as bill payment, thereby broadening its customer base and enriching the user experience.
VMS, with its multifaceted approach, amalgamates diverse skills, assets, and ideas to catalyse the growth of ventures. Committed to fostering job creation, technological advancement, and entrepreneur support, VMS has carved a niche for itself in the Saudi market. The studio has previously invested in a slew of successful enterprises including Akhdar, Awfar, and OBM Education. VMS also recently launched the “Bridge Programme,” aimed at facilitating the seamless expansion of Egyptian tech entrepreneurs into the Saudi market.
With over 3,000 stores, 1,000 merchants, and a customer base exceeding five million, Waffarha is well-positioned for accelerated growth with the backing of VMS. The synergy between Waffarha’s innovative platform and VMS’s strategic vision underscores a promising future, marked by continued expansion and market dominance in the dynamic landscape of e-commerce.
