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Cairo-based B2B eCommerce platform and tech startup MaxAB has secured $15-million in investment funding from a previous undisclosed investor. In addition, the rapidly growing tech startup has announced the acquisition of WaystoCap, a Morocco-based B2B eCommerce and distribution platform that connects retailers with suppliers across Africa.
Egypt tech startup secures $15-million alongside notable acquisition to expand across Maghreb region
According to reports, the acquisition will help the tech startup to accelerate its expansion into the Maghreb market which will be supplemented and fueled by the Moroccan-based tech startups expertise in the region.
Belal El-Megharbel, Co-Founder and CEO at MaxAB comments on MaxAB’s expansion and the synergies with WaystoCap.
“We are about to take the food and grocery industry to another level in North Africa. The creation of this new super-team, combining a powerhouse of talent, technological know-how, on the ground infrastructure, boosted supply chains and WaystoCap’s phenomenal experience of the region is very exciting. We have a long-standing and excellent working relationship with WaystoCap and share a common vision to re-engineer the traditional food and grocery market to better serve traditional retailers.”
Founded in 2017, WaystoCap connects retailers with suppliers and has reportedly become one of the largest B2B platforms in Morroco since its inception. This can be indicated by the network of 8 000 retailers and a notable presence in West African cities.
MaxAB, founded in 2018 has established a network of traditional retailers across Egypt and the startups’ tech-based transformative supply chain model enables it to offer retailers a one-stop-shop to all their supplier needs. This means that through its service, retailers are able to deal with one supplier, provided transparent pricing, on-demand delivery service and other notable value-added services.
According to reports, the acquisition means that over 70 000 retailers will have access to essential food and grocery items across several markets.
Niama El Bassunie, CEO & Founder of WaystoCap comments on how the acquisition will benefit retailers and suppliers.
“Morocco is an exciting and fast-growing market and with the tremendous increase in government and investor support, the tech ecosystem in Africa and the Middle East is enabling entrepreneurs to build and create novel solutions for some of the key day to day challenges faced in the region. We are thrilled to play a pivotal role in the new all-star team being created and led by experienced, innovative entrepreneurs to establish a regional market leader in food and grocery supply. We are looking forward to continuing our close working relationship with our new team and taking the business to its next phase.”
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Image: MaxAB team (Supplied)