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After raising $40M in a Series A round led by RMBV, and included IFC, Rise Capital, and Endeavor Catalyst as well as MaxAB’s existing investors Beco Capital and 4DX Ventures, MaxAB raises another $15M to drive its acquisition of Morocco-based counterpart WaystoCap.
Founded in 2018, MaxAB has been introducing leveraged technologies to serve and empower a network of traditional retailers in Egypt’s most under-served geographies. Retailers & 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 while offering the simplicity of dealing with one supplier with transparent pricing and on-demand delivery.
Based on MAGNiTT’s Egypt H1 2021 Venture Investment Report, E-commerce startups based in Egypt observed an 8% YoY growth in funding to account for 13% of all funds raised in H1 2021. Closing 10 deals backing E-commerce startups in H1 2021, Egypt was one of the few geographies to observe an increase in the volume of transactions in the first half of the year, now topped with MaxAB’s 2 funding rounds in H2 2021.
The new acquisition brings forth a power merger between the Morocco-based b2b marketplace and the tech-driven Egypt-based startup. Consolidating their operations to enter the Moroccan market, driven by MaxAB integrated technology and end-to-end supply chain solutions and WaystoCap’s market knowledge and connections, MaxAB is now set to serve more than 70,000 retailers supplied with essential food and groceries across multiple markets. Commenting on this power partnership in the form of acquisition, Co-Founder Belal El-Megharbel stated“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.”
Since its launch in 2017, WaystoCap grew to become one of the largest B2B platforms in Morocco, with a network of 8,000 retailers across markets. Being the first Moroccan startup to be accelerated by Y Combinator, WaystoCap seemed to bootstrap its only $3M SEED funding round in 2017, to scale into growth and eventually got its exit this year. Niama El Bassunie, Founder and CEO of WaystoCap concluded“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 are looking forward to continuing our close working relationship with our new team and taking the business to its next phase.”
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