MaxAB, a food and grocery B2B e-commerce and distribution platform based in Egypt, has raised $40m in pre-Series B equity funding to fuel its expansion.
According to a report from 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.
Founded in 2018 by Egyptian and Libyan entrepreneurs Belal El-Megharbel and Mohamed Ben Halim, MaxAB is a B2B e-commerce platform that connects food and grocery retailers to suppliers in Egypt’s most under-served geographies.
The company serves a network of traditional retailers across Egypt, using “empowering technologies” and innovative supply chains to help put the correct amount of food and groceries at the right place at the right time.
MaxAB has so far has served approximately 150,000 unique traditional retailers, delivering 2.5 million orders.
The capital will be deployed to help the company further its geographic expansion to see full geographical coverage of Morocco by the end of 2023 and an entry into Saudi Arabia.
MaxAB said 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.
El-Megharbel said, “Within just four years of operations, we have been able to re-engineer the informal food and grocery market in Egypt and Morocco. We are thrilled to have gained the recognition and financial backing of world-class investors, adding to the reception and support we receive from the retailers and suppliers we serve
“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 further consolidation of the informal grocery sector, heavy focus and investments in Fintech and replicating our success in new markets to grow beyond borders.”
Nexta, an Egyptian startup looking to disrupt the Egyptian FinTech scene with its banking app, recently secured $3m.
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