Egyptian group-buying platform Waffarha has successfully secured a seven-figure seed investment to enhance its technological capabilities, recruit new talent, and expand its operations into Saudi Arabia and further afield.
Founded in 2012 by Tarek Magdy and Noha Hamdy, Waffarha offers a website and mobile app that provide online shoppers with exclusive daily deals, featuring discounts ranging from 50% to 90%. With a robust network of over 1,000 merchants and more than 3,000 stores, the platform serves a customer base exceeding five million users.
This latest funding round, led by Saudi Arabian Value Makers Studio (VMS), will not only facilitate Waffarha’s strategic expansion into Saudi Arabia but will also boost its marketing initiatives to enhance brand recognition and consumer engagement in the new market. Additionally, the startup plans to broaden its service offerings to include utilities and bill payments.
VMS is a venture studio committed to transforming innovative ideas into successful businesses by pooling diverse talents, resources, and expertise. The studio focuses on empowering exceptional entrepreneurs, advancing technological innovation, and stimulating job creation, with a strategic emphasis on establishing a significant presence within the Saudi market.
Recently, VMS launched its “Bridge Programme,” designed to support Egyptian tech startups in their expansion into the Saudi Arabian market smoothly. The studio has also invested in several other promising ventures, including Akhdar, Awfar, and OBM Education.
