MaxAB, a B2B e-commerce and distribution platform for food and grocery products that serves a network of conventional merchants in Egypt and Morocco, has announced the closing of a $40 million pre-series B equity transaction to support its growth throughout the MENAP area.
Several new investors joined the round, including DisruptAD, Silver Lake, and British International Investment.
Existing investors Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital are also participating in the round.
MaxAB’s e-commerce company has successfully served about 150,000 different traditional retailers since its launch in 2018, delivering 2.5 million orders while maintaining an industry-leading delivery success rate.
In barely four years of operation, Belal El-Megharbel, CEO and Co-Founder of MaxAB, stated, “We have been able to re-engineer the informal food and grocery sector in Egypt and Morocco. We are overjoyed to have received the endorsement and funding of renowned investors, adding to the welcome and support we already receive from the merchants and suppliers we work with. We are eager to embark on the next phase of the MaxAB journey, which involves further consolidation of the informal grocery sector, heavy focus on and investments in Fintech, and replicating our success in new markets to grow beyond borders, based on the caliber of investors who are partnering with us.
Additionally, MaxAB will use the additional funding to strengthen its technology and product teams, finance additional e-commerce company expansion, and ramp up its fintech division by providing more embedded finance solutions.
MaxAB intends future regional expansions to see full geographic coverage of Morocco by the end of 2023 and an entry into the Kingdom of Saudi Arabia.
MaxAB is already present in all major cities in Egypt and in Casablanca, Morocco.
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