MaxAB, an Egypt startup secures additional funding in the first round since July from existing investment worth $15 million raising the total sum to $55 million.
The investment coincided with the acquisition of WaystoCap, a Moroccan-based B2B e-commerce and distribution platform bridging the gap between suppliers and retails across Africa.
The closure of this round raises the total capital accumulated to $60 million while the acquisition marks MaxAB’s entry into the Maghrebi market. MaxAB serves a network of food and grocery retailers resulting in a growth of the sector since 2018.
This tech-based supply chain looks to transform the sector by offering retailers simplified processes where they can trade with a single supplier offering transparent pricing, with on-demand delivery while offering value-added services.
As an end-to-end supply chain solution accompanied by business intelligence tools, WaystoCap offers both regional and local expertise. Founded in 2017, the Casablanca-based company became the first Moroccan startup to join Y Combinator evolving into a leading B2B platform with a network of over 8,000 retailers with a presence across West Africa.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.