WaffarX, the first-ever cashback shopping service in the Mena region, has completed a multi-million dollar financing round led by the Silicon Valley venture capital firm, Lobby Capital, marking the latter’s first investment in the Mena region.
Lobby Capital is experienced in investing in successful cashback platforms, having been an early investor in the US firm Ebates, which was successfully sold to Japanese company, Rakuten, in 2014 – in what was Japan’s largest ecommerce deal at the time.
WaffarX will use the proceeds to expand its platform, drive user acquisition and enter new markets in the Mena region.
Founded in 2018 by Ezz Fayek, Mahmoud Montasser and Ahmed Kamal, WaffarX uses cutting-edge technology to distribute cash back rewards, helping shoppers save on every dollar they spend. WaffarX’s secure channel helps brands shift advertising spend directly to consumers via cashback rewards. This creates deeper loyalty for brands, whilst customers monetize their own data, instead of third parties.
Consumers want seamless, personalized engagement rather than disruptive advertisements – with easy-to-achieve, tangible cash rewards - transforming everyday transactions into savings. Brands want cost-effective digital advertising solutions and loyalty programs which focus on customers first and resonate with them. Brands can then incentive customers without discounting or devaluing products.
WaffarX has grown exponentially, and now has over 260 merchant partners and over 450,000 members. The company’s cutting-edge technology provides what modern consumers and merchants/brands want, and benefit both groups.
Ezz Fayek, Co-Founder and CEO of WaffarX, said: “We’re delighted to have completed this latest funding round. The support of an esteemed Silicon Valley firm such as Lobby Capital, and existing investors - A15, are a huge endorsement of WaffarX’s business model and strategy.
“We have always been pioneers in our industry and our solutions are a win-win for consumers and brands. This capital raise will help us maintain our market leadership, break new ground in our platform, increase our user base and expand our geographic presence.”
David Hornik, General Partner of Lobby Capital, commented: “At Lobby Capital, we know the power of the cash back shopping model to drive growth for merchants, savings for consumers, and positive returns for investors. We also know the benefit of working with great founders like Ezz Fayek. We are very excited that the right business model and right people can come together for Lobby’s first investment in the region.”
Karim Beshara, General Partner of A15, commented: “As early investors in WaffarX we are excited to see their continued success. Ezz and the team have been thought leaders in the cash back space in Mena and we are excited to see how they continue to innovate and bring new, exciting products to market.” – TradeArabia News Service