Value Makers Studio (VMS) led a seven-figure seed funding round for Egypt-based coupon app Waffarha, according to a press release. There’s no publicly available information about the funding structure, the of the stake accumulated by VMS, or clarity on the currency of the seven-figure raise. Egypt’s fintech giant Fawry holds a 30% stake in Waffarha.

This strategic partnership with a local player plays well into Waffarha’s plan to expand into the local market, get a grip on the customer persona of the Saudi consumers while targeting them with appealing marketing campaigns. The venture studio aims at helping early-stage startups succeed in the local market.

Use of proceeds: The funds are earmarked to finance the company’s expansion strategy including in the Kingdom, along with growing its team, and enhancing its tech offering.

Waffarha provides discounted offers for products and services in multiple sectors including F&B, entertainment, health & beauty, and hospitality through its network of 1k merchants and 3k stores. Waffarha also has a B2B segment that offers white-label loyalty solutions to partners and vendors.

More and more Egyptian startups are pushing into the Saudi market, the latest of which is Bluworks. The blue-collar HR-tech startup raised USD 1 mn in a pre-seed funding round led by Khawarizmi Ventures.

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