The Egyptian B2B e-commerce startup MaxAB has raised $40 million in pre-Series B, aiming to cover all of Morocco by the end of 2023.
The e-commerce marketplace connects food and grocery retailers to suppliers in Egypt and Morocco. However, the company plans to reinforce its presence across the Middle East and North Africa by expanding into Saudi Arabia amid Riyadh’s efforts to digitize the informal sector.
The funding round was marked with the participation of investment firms Silver Lake, DisruptAD, and British International Investment.
Former investors in MaxAB also took part in the pre-series B round including Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital.
Grateful for securing funds for its growth strategy, MaxAB’s CEO and co-founder Belal El-Megharbel said: “We are thrilled to have gained the recognition and financial backing of world-class investors, adding to the reception and support we receive from the retailers and suppliers we serve.”
Speaking on the startup’s plans to expand its footprint in North Africa, El-Megharbel stated the company was able to “re-engineer” the informal grocery markets in Egypt and Morocco in only four years, adding that they are now “venturing into the next stage.”
According to the CEO, MaxAB’s coming chapter would be defined by increasing investment in fintech and expanding into new markets.
The Head of Venture Capital and Technology Investments at Abu Dhabi Developmental Holding (ADQ), the owner of DisruptAD, Amer Al Ameri noted MaxAB’s efforts to address the shortcomings of grocery supply in the MENA region through technology-driven products and services.