MaxAB raises extra $15M and acquires Morocco startup WaystoCap

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    • AvatarEbigide Jude
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      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.

      Source: https://www.techinafrica.com

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