The funding will be used to upgrade the company’s technology infrastructure, recruit new talent, and expand into Saudi Arabia.

Founded in 2012, Waffarha offers deep discounts on various products and services through daily deals on its website and mobile app.

With a network exceeding 1,000 merchants and 3,000 stores, the platform caters to over five million customers.

The funding round was led by Value Makers Studio (VMS), a Saudi Arabian venture studio.

This partnership will provide the capital for Waffarha’s Saudi expansion and also offer marketing expertise to help them reach a wider audience in the kingdom.

Additionally, Waffarha plans to diversify its offerings by introducing new services like bill payment functionalities.

VMS focuses on transforming promising ideas into successful businesses by providing resources, talent, and guidance to entrepreneurs.

Their mission is to empower innovative startups, promote technological advancements, create jobs, and solidify their presence within the Saudi market.

VMS recently launched the “Bridge Programme” to smoothen the transition for Egyptian tech startups seeking to expand into Saudi Arabia. Their investment portfolio also includes other successful ventures like Akhdar, Awfar, and OBM Education.