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Cairo-based MaxAB raises $40 million in Series A round

MaxAB a B2b e-commerce startup serving food & grocery retailers has successfully raised a stellar $40M in series A round. The round was led by RMBV and was in participation with IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, and Endeavor Catalysts as well as MaxAB’s existing investors, Beco Capital and 4DX Ventures.

Founded in 2018, MaxAB has been introducing leveraged technologies to serve and empower a network of traditional retailers in Egypt’s most under-served geographies. Retailers & suppliers benefit from MaxAB’s end-to-end supply chain solutions and business intelligence tools that allow them to accurately predict, monitor, and control the impact of their strategies in real-time while offering the simplicity of dealing with one supplier with transparent pricing and on-demand delivery.

Belal El-Megharbel, Co-Founder and CEO at MaxAB, commented: “Three years ago we embarked on an ambitious mission to create a more cohesive, transparent, and efficient food and grocery supply chain in Egypt. This additional capital will allow us to continue to give retailers the economies of scale our platform offers while serving many more new customers. Being backed by a diverse group of renowned and experienced investors will enable us to rapidly scale our operations across the MENA region and developing markets.”

 

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