The Cairo-based B2B eCommerce and distribution business MaxAB on Wednesday (Oct. 19) announced the close of a $40m pre-series B funding round to fuel its expansion across the Middle East, North Africa and Pakistan (MENAP) region.
The round included new investors Silver Lake, British International Investment, the development finance institution of the U.K. government, and DisruptAD. Existing investors Beco Capital, 4DX Ventures, Flourish Ventures and Africa Platform Capital also participated in the round.
The MaxAB platform is an eCommerce marketplace that connects suppliers and small grocery retailers as well as providing embedded finance solutions to help enable trade.
As PYMNTS wrote recently, MaxAB is one of a number of platforms that have emerged in recent years to help increase efficiency in Africa’s food and agricultural supply chains. Other players in the space include Nigeria’s TradeDepo and the pan-African B2B marketplace Wasoko.
Read on: FoodTech Investments Help Streamline Africa’s Agriculture Trade, Connect Fragmented Supply Chains
Commenting on the latest raise, Belal El-Megharbel, the CEO and co-founder of MaxAB, 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.”
With a presence in the major cities of Egypt and Casablanca in Morocco, MaxAB said in its release that it plans to expand its coverage in Morocco and venture into Saudi Arabia by the end of 2023.
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