Connecting informal food and small grocery retailers with suppliers through an easy-to-use app to order inventory, Maxab facilitates the supply process by reducing the need to deal with multiple suppliers
Egyptian B2B ecommerce platform, Maxab, recently closed a $40 million Series A round, making it one of the most well-funded startups in Egypt with a total investment of over $45 million after a $6.2 million seed round in 2019.
Connecting informal food and small grocery retailers with suppliers through an easy-to-use app to order inventory, Maxab facilitates the supply process by reducing the need to deal with multiple suppliers.
According to a statement, since its launch, the startup has helped over 55,000 retailers in Egypt, fulfilling more than 1 million orders, and creating 1,600 direct jobs in the process.
“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,” said co-founder and CEO of Maxab, Belal El-Megharbel.
Maxab plans to expand across Egypt’s key cities with the new funding by the end of the year before reaching out to new markets in the region, according to a statement.
The money will also be used to scale recently launched verticals including new supply chain and embedded finance solutions.
Founded in November 2018, the ecommerce platform manages procurement and grocery delivery to small shops across Egypt, with shop owners able to use the platform to purchase goods, request delivery or logistics to move the goods, and access a customer support team.
The round was led by RMBV, a North Africa-focused impact investor, and included participation of IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, and Maxab’s existing investors Beco Capital and 4DX Ventures.