Last year, MaxAB, the food and grocery B2B e-commerce and distribution platform serving a network of traditional retailers across Egypt and Morocco, raised its $55 million Series A in two tranches; the latter accompanied its acquisition of the Morocco-based and YC-backed WaystoCap. The moves signaled MaxAB’s ambition to dominate Egypt’s and North Africa’s B2B retail and e-commerce market, which includes Cartona and the troubled Capiter, other players that have raised significant capital to compete within the past year.
To continue growth due to the rising demand for food and groceries and fuel its expansion across the MENAP region, MaxAB has raised more money, this time a pre-Series B to the tune of $40 million. Although smaller than last year’s prized round, CEO Belal El-Megharbel told TechCrunch that the pre-Series B was neither a down round nor a flat round in terms of valuation.
Key Highlights
- MaxAB has raised over $100 million in total.
- The company has connected suppliers with over 150,000 unique traditional retailers in the food and grocery supply chain across Egypt and Casablanca, Morocco, delivering over 2.5 million orders within this timeframe.
- MaxAB intends to utilize its network and relationships with local and multinational suppliers to advance expansion across the MENAP region.
Why is Expansion Across MENAP Region Important for MaxAB?
The expansion of MaxAB’s services across the MENAP (Middle East, North Africa, and Pakistan) region is crucial due to the growing demand for e-commerce services in these countries. The MENAP region has a large population with increasing purchasing power, making it an attractive market for online retailers.
MaxAB’s Services
MaxAB offers a range of services, including:
- B2B E-Commerce: MaxAB enables suppliers to reach traditional retailers across the MENAP region through its online platform.
- Distribution Network: The company has built a distribution network that connects suppliers with retailers, ensuring efficient delivery of products.
- Digital Payment Solutions: MaxAB provides digital payment solutions for customers, making transactions smooth and secure.
Investors in Pre-Series B Funding Round
The pre-Series B funding round was led by new investors DisruptAD, ADQ’s venture capital platform; British International Investment (BII); and Silver Lake — its first check of any form in an African startup. Existing investors Beco Capital and Africa Platform Capital also participated in the round.
Why is This Funding Round Important for MaxAB?
The $40 million raised by MaxAB will be used to fuel expansion across the MENAP region, strengthening its position as a leading B2B e-commerce platform in the region. The funding will also enable the company to enhance its services and improve customer experience.
Conclusion
MaxAB’s pre-Series B funding round is an important milestone for the company, marking another step towards its goal of becoming a leading player in the MENAP region’s B2B e-commerce market. With the additional funds raised, MaxAB will be able to further expand its services and strengthen its position in the region.
Future Outlook
As the demand for e-commerce services continues to grow across the MENAP region, MaxAB is well-positioned to capitalize on this trend. The company’s commitment to innovation and customer satisfaction will likely drive its future success, making it an exciting player to watch in the regional B2B e-commerce market.
Final Thoughts
MaxAB’s pre-Series B funding round demonstrates the company’s potential for growth and expansion across the MENAP region. With a strong track record of connecting suppliers with traditional retailers, MaxAB is poised to become a leader in the B2B e-commerce market in the region.
