Maalexi, a dynamic risk management platform for SME agri-businesses, has successfully completed a $3 million pre-Series A fundraising round.
According to FinTech Finance, this significant investment was led exclusively by Global Ventures, MENA’s leading venture capital firm. The round also saw participation from existing venture capital investors Rockstart (Amsterdam) and Ankurit Capital (New Delhi).
This latest funding will be strategically used by Maalexi to enhance its full-stack platform. The aim is to facilitate faster, cheaper, and safer procurement for SME agri-buyers from globally placed SME sellers. Additionally, it plans to drive customer acquisition, focusing on attracting more buyers in the UAE and Saudi Arabia, and expanding its seller base from over 50 origin countries.
The company operates within the $3 trillion global, cross-border food trading market, which has seen a steady growth of 6% CAGR in the past five years. Despite this growth, small agri-businesses often struggle with trade risks and access to finance. Maalexi addresses these issues with its proprietary technology, incorporating digital contracts, AI-enhanced inspections, and blockchain-authenticated documentation into a user-friendly web platform. This innovation not only increases participation but also automates trade, leading to higher customer revenues and more sustainable enterprises.
In 2023, Maalexi has shown remarkable growth, recording a Cumulative Monthly Growth Rate of 60%. It has added hundreds of users and facilitated the procurement of millions of kilograms of food supplies. These supplies span 70 products from 27 countries, significantly contributing to building resilience in the food supply chain and strengthening food security in the UAE and the GCC region.
Dr. Azam Pasha, co-founder and CEO of Maalexi, expressed his excitement about the funding round. “We are delighted to complete our $3 million pre-Series A round – with the exclusive participation of MENA’s leading VC firm – Global Ventures. It is a very exciting time for Maalexi; we have a huge market opportunity which we know needs our solution – a proprietary automated process that makes life easier and more lucrative for SME agri-buyers and sellers. The per-transaction costs of our platform are very low, and we enable safer, faster trades cross-border. At the same time, we are strengthening food security in our home country and region. We look forward to 2024, and our regional expansion, with great confidence.”
Maalexi’s management team boasts impressive credentials. Dr. Azam Pasha, the CEO, brings over two decades of experience in food and agricultural supply-chain management and trade finance, having worked with globally renowned conglomerates. Rohit Majhi, the CTO, has a background in Management Consulting at Deloitte and has led the technology function at US-based supply chain startups during his career.
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