MaxAB, the largest Egyptian B2B e-commerce platform that serves food and grocery retailers, has secured $40 million in a Series A funding round, led by RMBV, a prominent impact investor in North Africa, with participation from the IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, and Endeavour Catalyst as well as MaxAB’s existing investors, Beco Capital and 4DX Ventures. Along with Crystal Stream and Flourish Ventures. This VC investment round brings the company’s total investment to date to more than $45 million since its seed round in September 2019.
The Egyptian startup has said that the new investment capital secured will be deployed to expand MaxAB’s physical footprint across the MENA region, following its expansion to every key city in Egypt by the end of 2021. The company also plans on scaling recently launched business verticals including new supply chains and embedded finance solutions.
“Three years ago we embarked on an ambitious mission to create a more cohesive, transparent and efficient food and grocery supply chain in Egypt. This additional capital will allow us to continue to give retailers the economies of scale our platform offers while serving many more new customers. Being backed by a diverse group of renowned and experienced investors will enable us to rapidly scale our operations across the MENA region and developing markets.” He continues, “In this short timespan, MaxAB has been able to impact the lives of more than 55,000 retailers, successfully fulfil more than 1 million orders, and create more than 1,600 direct jobs in the process. It has grown more than 5x year-on-year, fuelled by its capacity to reliably fulfil deliveries within 24 hours of orders being placed," said Belal El-Megharbel, Co-Founder and CEO at MaxAB.
MaxAB was founded in 2018 and serves a network of traditional retailers across Egypt. In less than 3 years, the company leveraged technology to develop a transformative supply chain model and offer a product that empowers both traditional retailers and suppliers.
The startup serves traditional retailers, offering the simplicity of dealing with one supplier, transparent pricing, on-demand delivery, and a range of value-added services. Suppliers benefit from MaxAB’s end-to-end supply chain solutions and business intelligence tools that allow them to accurately predict, monitor, and control the impact of their strategies in real-time.
Also as part of its plans following the Series A funding round, MaxAB has said that it will expand its talent pool by bringing on board some of the best minds in the world to join the dynamic team, further positioning Egypt as one of the primary technology hubs in the region.
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