MaxAB—an Egyptian B2B e-commerce marketplace has secured $6.2 million funding to foster cross-border expansion in Egypt and North Africa within two years. The funding round was co-led by Beco Capital, 4DX Ventures, and Endure Capital, with participation from 500 Startups, and Outlierz Ventures.
MaxAB was founded in November 2018 by Belal El-Megharbel and Mohamed Ben Halim. It connects food and grocery retailers in under-served areas in Egypt to suppliers via its app.
The platform has built a team of 270 with a stock list of over 600 products and over 9,000 activated retailers. It offers its users access to real-time demand monitoring and smart business tools, that boost end-to-end supply chain control, and better forecasting. These tools offer retailers access to different products online and access to credit facilities.
See also: Nigeria Secures $488 million for NIMC Digital Scheme
Belal El-Megharbel, co-founder and Chief Executive Officer at MaxAB said they are using data and analytics to understand purchasing and retail behaviour; and also make the end-to-end process of brands seamless and convenient. He noted that the investment round will allow them to scale their growth plans while building new products and services across North Africa.
Yousef Hammad, the managing partner at Beco Capital, said they were delighted to invest in MaxAB. In his words, “By leveraging technology, MaxAB is redefining the grocery supply chain in Egypt to fit the requirements of the micro retailers who make up 90 per cent of the grocery market. The metrics they have recorded in such a short period are impressive, and we expect to continue to see double-digit growth as they scale.”
More on TechGist Africa:
- Pan-African Network Provider MainOne expands Its Data Centre to Accra
- Facebook acquires CTRL Labs & ServiceFriend to expand Business Offerings
- UNESCO Partners Huawei to Provide Digital Skills in East Africa
- MEST Africa calls for Its Class of 2021 Submission
- Facebook Accelerator Season II Bootcamp Opens to Ghanaian & Nigeria Startups