MaxAB, the largest Egyptian B2B e-commerce platform that serves food and grocery retailers, has secured $40M in a Series A round, led by RMBV, a prominent impact investor in North Africa.
The round included 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.
MaxAB is Crystal Stream and Flourish Ventures’ first North African investment. This round brings the company’s total investment to date to more than $45M since its seed round in September 2019.
MaxAB was founded in 2018 and serves a network of traditional retailers (Mom-and-Pop stores) across Egypt. In less than 3 years, the company leveraged technology 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.
The new capital raised will be deployed to expand MaxAB’s physical footprint across the MENA region, following its expansion to every key city in Egypt by the end of 2021.
The company also plans on scaling recently launched business verticals including new supply chains and embedded finance solutions. Additionally, the company will expand its talent pool by bringing 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.
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