MaxAB, an e-commerce and distribution platform that sells food and groceries to businesses in the Middle East, has raised $40 million in pre-Series B equity funding to support its rapid growth.
As reported by Disrupt Africa, the funding for this initiative has come from several new investors, including Silver Lake Investments, British International Investments (BII), and DisruptAD, ADQ’s venture platform. In addition to Beco Capital, 4DX Ventures, Flourish Ventures, Africa Platform Capital, and Flourish Ventures, existing investors in the round have also participated in the round.
A B2B e-commerce platform that connects Egyptian and Libyan entrepreneurs, Belal El-Megharbel and Mohamed Ben Halim, to customers and suppliers in Egypt’s most underserved geographic regions, MaxAB was established in 2018 by Egyptian and Libyan entrepreneurs Belal El-Megharbel and Mohamed Ben Halim.
By utilizing “empowering technologies” and innovative supply chains, the company uses “empowering technologies” to be able to ensure the proper amount of food and groceries is provided at the right time and place to a network of traditional retailers all across Egypt.
There are approximately 150,000 unique traditional retailers that have been served by MaxAB to date, with 2.5 million orders delivered so far.
By the end of 2023, the company will be able to cover all of Morocco and enter into Saudi Arabia as a whole, with the capital invested being used to assist the company further its geographic expansion.
According to MaxAB, the capital will also be used to further the growth of its e-commerce arm of the organization, as well as expand the company’s product and technology teams and further scale the FinTech arm of the organization in order to provide a broader range of embedded finance solutions.
“In the last four years of our business operation, we have managed to re-engineer the informal markets for food and grocery in both Egypt and Morocco,” El-Megharbel said. This is an exciting moment for us as it adds to the positive reception and support we receive from the retailers and suppliers we serve that we have been recognized and backed by world-class investors, who will further help us grow.
The quality of investors with whom we are partnering makes me more enthusiastic about embarking on the next phase of MaxAB’s journey, which will be a further consolidation of the informal grocery sector, as well as a heavy focus on Fintech and replicating our success in new markets in order to reach a wider audience.”
A startup based in Cairo, called Nexta, has recently obtained $3 million for its banking app in order to disrupt the Egyptian FinTech scene.
MaxAB is a platform that allows companies to sell their products through Amazon. This company, based in Egypt, has already raised $40 million in pre-series B equity funding to fuel their expansion.
According to a recent report by Disrupt Africa, the funding came from several new investors, including Silver Lake, British International Investment (BII), and DisruptAD, ADQ’s venture platform.
The round also includes participation from existing investors Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital. Hi guys, we are trying to make a new podcast in the beauty industry called The Beautiful Podcast.
Founded in 2018, MaxAB is an online platform that connects food and grocery retailers to suppliers in Egypt’s most underserved geographies.
In this company you have the opportunity to work with a network of traditional retailers, using “empowering technologies” and innovative supply chains to ensure that the right amount of food and groceries is on the shelf and in customers’ hands, at the right time.
MaxAB has been serving about 150,000 traditional retailers and delivered 2.5 million orders.
The capital will be deployed to help the company continue its geographic expansion to see full geographic coverage of Saudi Arabia by the end of 2023.
MaxAB says it will also use the capital to further its growth in the e-commerce arm of its business, expand its technology and product teams, and further scale its FinTech arm by offering a wider range of embedded finance solutions.
In just four years of operation, we have been able to reinvent the Egyptian and Moroccan markets for informal foods and groceries.
This week we were recognized as a best place to work by Fortune and Forbes. We are very happy to be selected for the top 10 companies in Egypt, as a place to work, and to also be named as one of the best place to start a career, by Business Insider and The Muse.