Egypt-based Business to Business (B2B) eCommerce and logistics platform, MaxAB, having raised $40million in its Series A round which was led by RMBV Impact and others (IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital and Endeavor Catalyst) as well as MaxAB’s existing investors which are Beco Capital and 4DX Ventures, announced additional $15 million funding.
The B2B eCommerce platform, primarily connecting food and grocery retailers to suppliers in the most under-served geographies, got its additional funds from its existing investors thereby bringing the Series A to a close with a total fund of $55M, the largest ever by an Egyptian startup.
Founded in November 2018 by Belal El-Megharbel and Mohamed Ben Halim, MaxAB is re-engineering the informal grocery and food market using empowering technologies and innovative supply chains designed to meet the needs of the retailers in the areas the startup serves. With its technology-enabled supply chain, MaxAB is helping with mobility of goods and always just in time.
WaystoCap corresponds with MaxAB’s plan to extend across Africa thereby announcing its acquisition for an undisclosed amount. El-Megharbel, believes that it is a step in the right direction, owing to their pre-existing relationship with WaystoCap, and the startup’s experience in the region.
More than 70,000 retailers across both platforms would benefit from its technology, extensified end-to-end supply chain solutions and business intelligence tools as well as WaystoCap’s knowledge and expertise.
Niama El Bassunie co-founded WaystoCap with Mehdi Daoui, Anis Abdeddine and Aziz Jaouhari in 2015, and the company was a cross-border trade platform for transacting business goods in Africa.
That business model got WaystoCap into Y Combinator’s Winter batch in 2017, making it the first company accepted from Morocco and subsequently raised a $3 million seed fund. In running with this model, they withdrew from the two West African countries to focus on Morocco. Currently, they have a network of 8,000 retailers across the country.
According to Belal El-Megharbel, he said: “At the end of the day, what we want to do is build a tech-enabled supply chain in all African countries, Middle Eastern Countries and then connect them together. That’s where the magic happens. This is where we can actually have a real impact by putting the right amount of food at the right place at the right time and minimizing the waste which MENA cannot afford.”
“We are about to take the food and grocery industry to another level in North Africa. The creation of this new super-team, combining a powerhouse of talent, technological know-how, on the ground infrastructure, boosted supply chains, and WaystoCap’s phenomenal experience of the region is very exciting. We have a long-standing and excellent working relationship with WaystoCap and share a common vision to re-engineer the traditional food and grocery market to better serve traditional retailers.”
In her speech with TechCrunch, Niama El Bassunie, CEO & Founder of WaystoCap who will take the post of the managing director at MaxAB Morocco said that: “We are thrilled to play a pivotal role in the new all-star team being created and led by experienced, innovative entrepreneurs to establish a regional market leader in food and grocery supply. We look forward to continuing our close working relationship with our new team and elevating the business to a higher phase.”