Silicon Valley VC firm Lobby Capital backs cashback shopping startup WaffarX
WaffarX, a 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.
The latter was an early investor in the US company Ebates, which was sold to Rakuten in 2014, in what was Japan’s largest e-commerce deal at the time.
WaffarX says it will use the proceeds to expand its platform, drive user acquisition and enter new markets in the MENA region.
Founded in 2018, the venture now has over 260 merchant partners and 450,000+ members.
Ezz Fayek, Co-Founder and CEO, says: “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 at Lobby Capital, comments: “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.”
