The Middle East, North Africa, and Pakistan (MENAP) area will benefit from MaxAB’s development as it announces the closing of a $40 million pre-series B investment round. MaxAB is a Cairo-based B2B eCommerce and distribution company.
New investors Silver Lake, British International Investment, the U.K. government’s development financing organization, and DisruptAD participated in the round. Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital, which are already investors, also took part in the round.
In addition to connecting suppliers and independent food stores, the MaxAB platform also offers embedded financing solutions to support commerce.
Belal El-Megharbel, the CEO and co-founder of MaxAB, commented on the most recent funding round, saying: “Within just four years of operations, we have been able to re-engineer the informal food and grocery industry in Egypt and Morocco. We are overjoyed to have received the endorsement and funding of renowned investors, adding to the welcome and support we already receive from the merchants and suppliers we work with.
According to the caliber of the investors joining forces with us, we are eager to enter the next phase of the MaxAB adventure, which involves further consolidating the informal grocery industry, investing heavily in FinTech, and reproducing our success in other areas to expand internationally.
MaxAB stated in its announcement that it intends to broaden its coverage in Morocco and enter Saudi Arabia by the end of 2023. MaxAB now has a presence in the major cities of Egypt and Casablanca in Morocco.
