MaxAB, an Egypt-based eCommerce platform, has announced the closure of its Series A investment and the purchase of WaystoCap, a YC-backed B2B, eCommerce, and distribution platform based in Morocco.
Existing investors RMBV, IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, Beco Capital, and 4DX Ventures contributed to the fresh capital.
MaxAB is a platform that distributes goods to retailers in Egypt. It was founded in 2018. Store owners can utilize the platform to buy products, schedule delivery or logistics, and engage with a customer service team.
The acquisition of WaystoCap by MaxAB is in line with the company’s intentions to expand across Africa.
Because of their previous partnership with WaystoCap and the startup’s experience in the region, CEO and Co-founder Belal El-Megharbel believes it is a move in the right direction.
WaystoCap is the first Moroccan firm to be accepted into Y Combinator, founded by Niama El Bassunie, Mehdi Daoui, Anis Abdeddine, and Aziz Jaouhari Tissafi in 2017.
“In North Africa, we are about to take the food and grocery business to a new level. The formation of this new super-team, which brings together a wealth of talent, technological know-how, on-the-ground infrastructure, improved supply chains, and WaystoCap’s unparalleled knowledge of the region, is extremely exciting. WaystoCap and I have a long-standing and productive working relationship, and we have the same goal of re-engineering the traditional food and grocery industry to better support traditional retailers.”
El Bassunie, who will take over as Managing Director of MaxAB Morocco, sees the merger as a positive indication for the MENA ecosystem, as it encourages efforts to develop solutions that address the region’s particular concerns.
“Morocco is an attractive and fast-growing market, and the tech ecosystem in Africa and the Middle East is enabling entrepreneurs to design and produce unique solutions for some of the region’s critical day-to-day concerns, thanks to a significant rise in government and investor backing.
“We are ecstatic to be a part of the new all-star team being assembled and led by seasoned, forward-thinking entrepreneurs to construct a regional market leader in food and grocery distribution. We’re looking forward to maintaining our tight collaboration with our new staff and moving the company forward.”
MaxAB will be positioned in Morocco and the Maghreb region, which includes Algeria, Libya, Mauritania, Morocco, and Tunisia, as a result of this acquisition.
MaxAB’s total stated capital now stands at $60 million thanks to this extra round. WaystoCap was purchased for an undisclosed sum of money.
Read more on Tech Gist Africa:
MaxAB, an Egyptian B2B e-commerce platform, has raised $40 million in a Series A round of funding.