Egyptian group-buying startup Waffarha has raised a seven-figure seed round to help it expand its technology stack, hire new talent, and grow its footprint into Saudi Arabia and beyond.
Founded in 2012 by Tarek Magdy and Noha Hamdy, Waffarha is a group-buying website and mobile app that delivers savings to online customers through exclusive daily deals featuring discounts ranging from 50 per cent to 90 per cent.
The platform boasts a network of over 1,000 merchants and more than 3,000 stores, which cater to more than five million customers. The startup now plans further expansion after securing funding from the Saudi Arabian Value Makers Studio (VMS).
In addition to facilitating Waffarha’s expansion into Saudi Arabia, the partnership with VMS will enable the platform to enhance its marketing efforts, ensuring widespread awareness and engagement among Saudi consumers. The startup also aims to expand its horizons by adding new services like bill payment.
VMS is a venture studio that brings together a diverse range of talents, resources, and ideas to transform innovative concepts into thriving businesses. Its mission is to actively empower exceptional entrepreneurs, drive technological innovation, foster job creation, and secure a strategic foothold within the Saudi market.
The company recently launched its “Bridge Programme”, to help Egyptian tech startups seamlessly expand to Saudi Arabia, and has also invested in the likes of Akhdar, Awfar, and OBM Education.
