Cairo-based MaxAB closes $40M Series A fundraise
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MaxAB, a B2B E-commerce startup serving food & grocery retailers has successfully raised a stellar $40M Series A funding round. The round was led by RMBV, and was in participation with IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, and Endeavor Catalyst as well as MaxAB’s existing investors, Beco Capital and 4DX Ventures.
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.
Marking this occasion, Belal El-Megharbel, Co-Founder and CEO at MaxAB, commented: “Three years ago we embarked on an ambitious mission to create a more cohesive, transparent and efficient food and grocery supply chain in Egypt. This additional capital will allow us to continue to give retailers the economies of scale our platform offers while serving many more new customers. Being backed by a diverse group of renowned and experienced investors will enable us to rapidly scale our operations across the MENA region and developing markets.”
As RMBV leads a very promising round, Managing Partner Ahmed Badreldin shared his reflections: “The COVID-19 pandemic has highlighted the unique structure of Egypt’s economy, with hundreds of thousands of shopkeepers and small businesses becoming the lifeline of our country at the time of crisis. We are delighted to be backing visionary entrepreneurs that have created a transformative business with impressive growth that is a catalyst for financial inclusion and job creation.”
MaxAB was the first North African startup that Flourish has ever invested in, venture partner Ameya Upadhyay celebrated this beginning “MaxAB is set to play a central role in retailers' financial lives - it directly boosts retailers' profits by reducing the hassle and the cost of buying inventory and, with embedded fintech products in its core offering, customers can easily buy more goods and pay for them seamlessly," she continues "With its founding team of seasoned operators who have scaled world-class ventures before, MaxAB is pioneering the global trend towards Embedded Finance.”
MaxAB plans to use this extra capital to fuel its expansion, committed to continuously delivering a diversified range of solutions to its current customers and working towards expanding and developing its markets.
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