MaxAB’s growth will help the Middle East, North Africa, and Pakistan (MENAP) region as it announces the completion of a $40 million pre-series B financing round. A B2B eCommerce and distribution company, MaxAB is situated in Cairo.
The round included participation from new investors Silver Lake, British International Investment, the U.K. government’s development funding organization, and DisruptAD. The round also included existing investors Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital.
The MaxAB platform not only links suppliers and small grocery stores, but it also provides inbuilt finance options to boost business.
In response to the most recent fundraising round, MaxAB’s CEO and co-founder Belal El-Megharbel stated: “Within just four years of operations, we have been able to re-engineer the informal food and grocery market in Egypt and Morocco. In addition to the warm welcome and support we already receive from the merchants and suppliers we work with, we are thrilled to have secured the backing and investment of reputable investors.
We are eager to begin the next stage of the MaxAB adventure, which entails further consolidating the informal grocery industry, making significant investments in FinTech, and replicating our success in other areas to expand internationally. This is because of the caliber of the investors joining forces with us.
In its statement, MaxAB announced that by the end of 2023, it planned to expand its reach in Morocco and penetrate Saudi Arabia. In addition to Casablanca, Morocco, MaxAB is also present in Cairo, Egypt.
