Maad, a Senegalese logistics platform for informal retailers, received US$3.2 million in seed funding to expand domestically and globally while also launching new products.
Ventures Platform led the round of seed funding, which included debt and equity. Seedstars International Ventures, Reflect Ventures, OuiCapital, Launch Africa, Voltron Capital, and Alumni Ventures also participated. Local banks and Proparco took part in the loan financing.
Fast-moving consumer goods (FMCG) vendors and retail businesses are directly connected by Maad. Its tech-driven solution enables retailers to order products from a one-stop shop with dependable delivery, competitive prices, and working capital loans.
Using this distribution infrastructure, the platform provides brands with extra high-value services including data, software, advertising, distribution, and market research services.
“Among startups operating in this space, Maad benefits from a clear first-mover advantage in Sub-Saharan Francophone Africa. We often say this is a blue ocean. As the fastest-growing player in the region, we are well-positioned to maintain our leadership and continue driving transformation in this underserved market,” said Sidy Niang, co-founder and CEO of Maad.
Despite operating close to breakeven, the company has already hit several noteworthy milestones, such as working with over 80 suppliers, providing a catalog of over 1,000 SKUs of household names, and generating a monthly GMV of US$3 million.
Maad intends to utilize the funding to start in a second Francophone African nation, provide financial services like “buy now, pay later” via a digital wallet, and further penetrate and dominate the Senegalese market.
Read more on Tech Gist Africa:
Logidoo, a Senegalese logistics marketplace, has raised $1.5 million in funding
ProXAlys, a retail technology startup based in Senegal, secures a $500k funding round
Africa REN receives $35 million in funding for its Senegalese storage project
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