B2B e-commerce platform, MaxAB, has secured $40 million in capital for its Pre-Series B round from Silver Lake as part of its Long Term Capital strategy, British International Investment, a UK government agency that provides development financing, and Disrupt AD, ADQ’s venture platform. Existing investors BECO Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital also participated in the round.
In addition to linking suppliers with underrepresented traditional shops, MaxAB, which was founded in 2018, also provides a variety of embedded financial solutions in an effort to improve the food and grocery supply chain.
In order to digitize the flow of cash, MaxAB is a one-stop shop for traditional retailers. CEO and Co-Founder at MaxAB, Belal El-Megharbel, commented: “Within just four years of operations, we have been able to re-engineer the informal food and grocery market in Egypt and Morocco. We are thrilled to have gained the recognition and financial backing of world-class investors, adding to the reception and support we receive from the retailers and suppliers we serve.”
The additional funding will be used to further scale the fintech division by providing a wider range of embedded financial solutions to expand into Morocco, and increase the size of its technology and product teams.
Amer Al Ameri, Head of Venture Capital and Technology Investments at ADQ, shared: “MaxAB are building technology-driven products and services that solve for challenges around better integrated, efficient, reliable grocery supply chains for the MENAP region. In digitizing the vastly traditional, multi-layered, and fragmented food and grocery sector supply chain, they have broken the mold and presented a domino effect of opportunities, one of which is the launch of the fintech vertical. We are happy to be embarking on this journey with MaxAB and are looking forward to providing strategic guidance for continued growth and impact.”