MaxAB Gets $40 million pre-Series B round
MaxAB plans further geographic expansions to see full geographical coverage of Morocco by the end of 2023 and an entry into the KSA MaxAB, the food and grocery B2B ecommerce and distribution platform serving a network of traditional retailers across Egypt and Morocco has announced the close of a $40m pre-series B equity round to […]
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MaxAB plans further geographic expansions to see full geographical coverage of Morocco by the end of 2023 and an entry into the KSA
MaxAB, the food and grocery B2B ecommerce and distribution platform serving a network of traditional retailers across Egypt and Morocco has announced the close of a $40m pre-series B equity round to fuel its expansion across the MENAP region. The round included several new investors: Silver Lake, the global leader in technology investing through its Long Term Capital strategy; British International Investment, the development finance institution of the UK government; and DisruptAD, ADQ’s venture platform. The round also includes participation from existing investors – Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital.
MaxAB is transforming the food and grocery supply chain by connecting suppliers with underserved traditional retailers and offering a wide range of embedded finance solutions. Since launching in 2018, MaxAB’s ecommerce business has successfully served approximately 150,000 unique traditional retailers, delivering 2.5 million orders while maintaining an industry-leading delivery success rate. In 2021, MaxAB began rolling out its fintech solutions across its merchant base to digitise cash flow, transitioning MaxAB into a one-stop shop for traditional retailers. With a presence across all key cities in Egypt and Casablanca, Morocco, MaxAB plans further geographic expansions to see full geographical coverage of Morocco by the end of 2023 and an entry into the Kingdom of Saudi Arabia.
MaxAB will also deploy the new capital to finance further growth in the ecommerce arm of its business, expand its technology and product teams, and further scale the fintech arm by offering a more comprehensive range of embedded finance solutions.
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 world-class investors’ recognition and financial backing, adding to the reception and support we receive from the retailers and suppliers we serve. Going by the quality of investors 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, added, “MaxAB are building technology-driven products and services that solve 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 embark on this journey with MaxAB and look forward to providing strategic guidance for continued growth and impact.”
