Woliz, Moroccan retail tech start-up, has raised $2.2 million in a pre-seed round to accelerate the development of its AI-powered and fintech-enabled platform for small retailers.
The round, led by Sanlam Maroc, is the insurer's first investment in a start-up through a long-term, institutional private equity approach, according to the company.
The start-up is targeting the local informal retail ecosystem by building a digital system that connects small merchants with commerce, finance, telecoms, institutions, and consumers with shop owners positioned as the core users.
Woliz has said the platform is designed to provide independent retailers with tools more common in large chains, enabling them to order stock digitally, track sales automatically, and verify income, while also building a financial footprint that can support access to credit from financial institutions.
It went on to say the investment will also be used to expand the team and accelerate merchant onboarding across multiple cities in the country, while setting up the foundation for future expansion to other African markets that face similar gaps in retail and financial infrastructure.
‘In a fast-moving environment, staying relevant requires speed, execution and the ability to scale responsibly. This capital gives us exactly that, along with the discipline that comes from partnering with an institutional long-term investor. This is a milestone, but the real work starts now. Africa is the natural expansion, with the right partners to execute,” said Kamal El Hardouzi, Woliz's founder and CEO.
Share
