The new funding will be used to further expand MaxAB to Morocco, and enhance its technology and product teams.
MaxAB, an Egypt-based B2B e-commerce platform for food and grocery supplies, has raised $40 million in a pre-series B round from new investors Silver Lake, British International Investment, and Disrupt AD. The round also saw participation from existing investors including Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital.
Founded in 2018 by Belal El-Megharbel and Mohamed Ben Halim, MaxAB aims to transform the food and grocery supply chain by connecting suppliers with underserved traditional retailers, while offering them a wide range of financial solutions. The startup has a network of suppliers in both Egypt and Morocco.
“Within just four years of operations, we have been able to re-engineer the informal food and grocery market in Egypt and Morocco,” Belal El-Megharbel, CEO and Co-Founder at MaxAB, tells StartupScene. “Going by the quality of investors who are partnering with us, we are excited about venturing into the next stage of the MaxAB journey, which is a further consolidation of the informal grocery sector, heavy focus and investments in Fintech and replicating our success in new markets to grow beyond borders.”
According to the startup, MaxAB has successfully served about 150,000 traditional retailers and delivered 2.5 million orders since launching four years ago. In 2021, it introduced its fintech solutions with the goal of digitizing cash flow, and establishing itself as a one-stop shop for retailers.
The new funding will be used to further expand to Morocco, enhance its technology and product teams, and scale its fintech arm by offering a wide range of financial solutions.
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