MaxAB, a food and grocery B2B e-commerce and distribution platform operating in Egypt and Morocco, raised $40 million in a pre-series B funding round.
The round included several new investors: Silver Lake, British International Investment, and Disrupt AD. The round also includes participation from their existing investors, BECO Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital.
The new capital will be deployed by MaxAB to finance its further growth in the e-commerce arm of its business, expand its technology and product teams, and further scale its fintech arm by offering a wider range of embedded finance solutions.
“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. Going by the quality of investors who are partnering with us, we are excited about venturing into the next stage of the MaxAB journey, which is a further consolidation of the informal grocery sector, heavy focus, and investments in FinTech, and replicating our success in new markets to grow beyond borders,” Belal El-Megharbel, CEO and Co-Founder at MaxAB, said.
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