MaxAB, the Egyptian B2B e-commerce platform that serves food and grocery retailers has raised a $15 million extension from existing investors — RMBV, IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, Beco Capital, and 4DX Ventures.
This brings its total Series A to fundraise to $55 million after it recently raised $40 million.
Founded by Belal El-Megharbel and Mohamed Ben Halim in 2018, manages procurement and grocery delivery to shops in Egypt. Store owners can use the platform to purchase goods, request delivery or logistics to move the goods, and access a customer support team.
MaxAB also announced the acquisition of Morocco-based B2B e-commerce and distribution platform WaystoCap for an undisclosed amount.
Niama El Bassunie co-founded WaystoCap with Mehdi Daoui, Anis Abdeddine and Aziz Jaouhari Tissafi in 2015. The company was originally a cross-border trade platform for transacting business goods in Africa.
The startup got into Y Combinator’s Winter batch in 2017, making it the first company accepted from Morocco. The company subsequently raised a $3 million seed round.
“I love the team. They share the same values and they’re on a mission that is using a tech-enabled supply chain to optimize food distribution across the continent,” El-Megharbel said. “For us, our strategy is to build a global team that can think local and execute properly. And we figured out that they’re already a perfect fit for tha
MaxAB says more than 70,000 retailers across both platforms will “benefit from its technology, expanded end-to-end supply chain solutions and business intelligence tools as well as WaystoCap’s knowledge and expertise.”
