MaxAB raises $40m

The food and grocery B2B e-commerce and distribution platform MaxAB has raised $40m in a pre-series B equity round.

MaxAB serves a network of traditional retailers across Egypt and Morocco.

Why it matters: MaxAB is trying to transform the food and grocery supply chain by re-engineering it. The company connects suppliers with underserved traditional retailers and offering a wide range of embedded finance solutions.

The new money will help MaxAB expand across the MENAP region.

This latest round included new investors:

  • Silver Lake, a global leader in technology investing, through its Long Term Capital strategy;
  • British International Investment (BII; formerly known as CDC), the development finance institution of the UK government;
  • DisruptAD, ADQ’s venture platform.

Existing investors Beco Capital, 4DX Ventures, Flourish Ventures and Africa Platform Capital also participated.

Of merit, or more PR blurb? MaxAB rolls out solutions across its merchant base with the goal of digitizing the flow of cash. The fintech hopes to be a one-stop shop (excuse the pun), for traditional retailers. Since founding in 2018, it has served some 150,000 unique retailers, delivering 2.5 million orders. The proposition is compelling and the retailers have the advantage of being in a bigger network.

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