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MANAMA: WafiApps, a Bahrain-based e-commerce marketplace, has closed a ‘series-A’ funding round at an undisclosed seven-digit valuation.
The round was led by angel investors and veterans from the banking and payments industry.
A series A round is the name typically given to a company’s first significant round of venture capital financing. The name refers to the class of preferred stock sold to investors in exchange for their investment.
Speaking about the funding boost, Jacob Thomas, founder and chief executive of WafiApps, said: “We are delighted to welcome the new investors in WafiApps and excited to explore new opportunities in a rapidly growing eCommerce business across the MEA region. The pandemic has fundamentally changed business models and we are at the cusp of eCommerce explosion.”
WafiApps plans to use the newly raised funds for technology expansion, launching new products, differentiated customer experiences, geographical expansion, acquiring skilled and experienced resources to lead the Company in its next phase of evolution.
According to him, the firm is poised to enable large and small businesses take advantage of the eCommerce opportunities to not only embrace digitisation and innovation, but also increase business portfolio beyond the traditional brick and mortar stores.
“We have aggressive plans to grow e-commerce business across the region and provide a seamless, convenient and secure experience to our customers and merchant partners.”
WafiApps provides home delivery service across Bahrain. The customers can choose from a range of payment options at the checkout point including bank cards, or cash on delivery.
A Kearney report says with Covid-19 having steamrolled its way into our lives and across industries, the outlook for e-commerce now looks even brighter and is thriving under this pandemic, thanks to the new purchasing behaviour and habits that have materialised in response.
E-commerce sector is set to become the new source of growth in retail, becoming almost a $50 billion market by 2025.
The consultancy’s model shows that there will be a larger acceleration in e-commerce between 2020 and 2022, at 20 per cent annually, and a gradual growth at 14pc until 2025.
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