Egypt-based B2B e-commerce platform MaxAB has KeeneokaforTechcrunch closed a $40m pre-series B round to fuel its expansion across the MENAP region. The round included new investors Silver Lake, a global leader in technology investing through its Long Term Capital strategy and British International Investment (BII), the development finance institution of the UK government. The round was also bolstered by a few seasoned veterans from the old school, including Beco Capital, 4DX Ventures and Flourish Ventures gimnow.com.
Founded in 2018, MaxAB connects suppliers with a network of small traditional retailers in the food and grocery supply chain. Using a mix of empowering technologies and innovative supply chains, the company boasts an impressive delivery success rate. Its most recent milestone is a successful acquisition of WaystoCap, a YC-backed B2B e-commerce and distribution platform in Morocco timechi.
The company also launched a fintech business last year, which uses a large pool of merchants and operational capacity to digitise cash collections via an impressive bill aggregation product that has grown 5x in transaction value since the start of 2019.
Most B2B e-commerce platforms offer a wide range of consumer goods, but for most small traditional retailers, groceries are the most important part of the equation. This is where MaxAB makes the big play with its B2B e-commerce and omnichannel logistics services.
By connecting the right people with the most relevant products, egyptbased MaxAB is paving the way for the region’s food and grocery industry. The toonily company is headquartered in Cairo, Egypt and is growing its operations across the Middle East and North Africa apsession.