What's Hot

    almentor raises USD 10 million in pre-Series C round

    March 20, 2023

    Shape receives funding from The Oman Technology Fund

    March 17, 2023

    Flat6Labs launches USD 95 million African tech startup fund

    March 16, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023

      Hyosung Heavy Industries to start construction on South African energy storage project

      December 12, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      Fintech dominates African startup funding

      Business Finance Innovation Startups February 15, 2023
      Recent

      Fintech dominates African startup funding

      February 15, 2023

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023

      African startups face challenges in 2023

      January 10, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Agri-Business

    MaxAB closes USD 40 million pre-Series B round

    October 20, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    MaxAB
    MaxAB will use the funds to further expand its geographical presence and to develop its technology.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    MaxAB, an Egyptian food and grocery B2B e-commerce platform closes pre-Series B round with support from international investors.

    MaxAB, an Egypt-based food and grocery B2B e-commerce and distribution platform, has closed a USD 40 million pre-series B equity round. The company, which serves a network of retailers across Egypt and Morocco, will use the funds to further its expansion across the MENAP region.

    The funds were raised with investments by Silver Lake, British International Investment, and DisruptAD, ADQ’s venture platform. Existing investors Beco Capital, 4DX Ventures, Flourish Ventures and Africa Platform Capital also participated.

    MaxAB: Transforming supply chains

    The company aims to transform the food and grocery supply chain by connecting suppliers with traditional retailers and by providing financing solutions. Since its launch in 2018, MaxAB has connected with 150,000 retailers, delivering 2.5 million orders. Last year saw the launch of the company’s fintech solutions aimed at its merchant base. The solutions aim to digitize the flow of cash and transform MaxAB into a “one-stop shop” for retailers.

    Further expansion and development

    Currently operating in Egypt and Morocco, the company aims to expand its coverage of Morocco and enter KSA. The new funds will also be used to expand the e-commerce aspects of its business, expand its technology and product teams and scale the fintech arm of the company while offering a wider range of finance products.

    The Egyptian grocery business is largely served by smaller retailers, as is the case with much of the MENAP region. Having found success in Egypt and Morocco, MaxAB believes there is an opportunity to be found in expanding throughout the MENAP region. MaxAB estimates that there are more than 750,000 family-run businesses that can benefit from its services in Egypt and Morocco. Saudi Arabia is particularly attractive due to the government’s drive to digitize the informal sector and the FMCG industry’s willingness to explore new business models. 

    “Re-engineering” the informal food and grocery market

    Belal El-Megharbel, CEO and Co-Founder at 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 a further consolidation of the informal grocery sector, heavy focus and investments in Fintech and replicating our success in new markets to grow beyond borders. 

    Amer Al Ameri, Head of Venture Capital and Technology investments at ADQ, said, ‘MaxAB are building technology-driven products and services that solve for challenges around better integrated, efficient, reliable grocery supply chains for the MENAP region. In digitizing the vastly traditional, multi-layered and fragmented food and grocery sector supply chain, they have broken the mould and presented a domino effect of opportunities, one of which is the launch of the fintech vertical. We are happy to be embarking on this journey with MaxAB and are looking forward to providing strategic guidance for continued growth and impact.’

    MaxAB took part in one of the largest agrifood deals of 2021.

    Agrifood Egypt investments MaxAB morocco Startups
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleVolvo Trucks South Africa plant starts Euro 5 assembly
    Next Article Bumpa raises USD 4 million in seed round

    Related Posts

    Business Startups

    COFE raises USD 15 million Series B round

    March 15, 2023
    Agri-Business Business Startups

    E-Livestock Global plans international expansion

    March 14, 2023
    Business Startups

    MENA startups raise USD 760 million in February

    March 8, 2023
    View 2 Comments

    2 Comments

    1. Pingback: MENA startups: October sees notable deals in Egypt, Saudi and the UAE

    2. Pingback: MENA startups raised USD 646 million in October

    Leave A Reply Cancel Reply

    LATEST STORIES

    almentor raises USD 10 million in pre-Series C round

    March 20, 2023

    Shape receives funding from The Oman Technology Fund

    March 17, 2023

    Flat6Labs launches USD 95 million African tech startup fund

    March 16, 2023

    COFE raises USD 15 million Series B round

    March 15, 2023

    E-Livestock Global plans international expansion

    March 14, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.