MaxAB, Egypt’s B2B wholesale food and grocery ordering platform raises $40M in a Series A round to expand its physical footprint across the MENA region, following its expansion to every key city in Egypt by the end of 2021. The round brings MaxAB’s total investment to more than $45m since its seed round in September 2019.
MaxAB will use the funds to scale its recently launched business verticals including new supply chains and embedded finance solutions and as well bring onboard some of the best minds in the world to join the dynamic team, further positioning Egypt as one of the primary technology hubs in the region.
The $40M Series A round was led by RMBV, a prominent impact investor in North Africa with participation from the IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, and Endeavour Catalyst as well as MaxAB’s existing investors, Beco Capital and 4DX Ventures.
Founded in 2018, MaxAB serves a network of traditional retailers (Mom-and-Pop stores) across Egypt using tech to develop a transformative supply chain model and offer a product that empowers both traditional retailers and suppliers.
MaxAB serves traditional retailers, offering the simplicity of dealing with one supplier, transparent pricing, on-demand delivery, and a range of value-added services. Suppliers benefit from MaxAB’s end-to-end supply chain solutions and business intelligence tools that allow them to accurately predict, monitor, and control the impact of their strategies in real-time.
Despite the pandemic, MaxAB has been able to impact the lives of more than 55,000 retailers. It has also successfully fulfilled more than 1 million orders and creating more than 1,600 direct jobs in the process. It has grown more than 5x year-on-year, fuelled by its capacity to reliably fulfil deliveries within 24 hours of orders being placed.
