The $3 million pre-Series A fundraising for SME agribusinesses has been completed, according to Maalexi, a dynamic risk management platform based in the United Arab Emirates.
The funding round was led exclusively by Global Ventures, MENA’s leading venture capital firm, which joins existing venture capital investors Rockstart (Amsterdam) and Ankurit Capital (New Delhi).
Maalexi plans to use the proceeds for two things: (i) tech development, where it will improve its full-stack platform to help SME agri-buyers procure from globally located SME sellers faster, cheaper, and safer; and (ii) customer acquisition, where it will add sellers from more than 50 origin countries and more buyers from the UAE and Saudi Arabia.
Millions of small agribusinesses involved in the $3 trillion global cross-border food trading market benefit from Maalexi’s platform. Even though the market has expanded at a 6% CAGR over the last five years, these businesses frequently struggle to obtain financing and manage trade risks.
Due to Maalexi’s patented technology, risk management tools like blockchain-authenticated documentation, digital contracts, and AI-enhanced inspections can all be accessed through an intuitive online interface. By automating trade and boosting participation, Maalexi’s solution improves bankability, boosts customer revenues, and creates more sustainable businesses.
With hundreds of new users, a cumulative monthly growth rate of 60%, and the ability to assist SME buyers in obtaining millions of kilogrammes of food supplies from 27 countries, Maalexi has experienced significant growth in 2023. The company’s overarching goals and plan are to increase food security in the United Arab Emirates, fortify the food supply chain, and then implement the same model throughout the GCC.
Dr. Azam Pasha, co-founder and CEO of Maalexi, said: “We are delighted to complete our $3 million pre-Series A round – with the exclusive participation of MENA’s leading VC firm, Global Ventures. It is a very exciting time for Maalexi; we have a huge market opportunity that we know needs our solution – a proprietary automated process that makes life easier and more lucrative for SME agri-buyers and sellers. The per-transaction costs of our platform are very low, and we enable safer, faster trades cross-border.
“At the same time, we are strengthening food security in our home country and region. We look forward to 2024 and our regional expansion with great confidence.”
Two co-founders of Maalexi with excellent backgrounds in finance, technology, and supply chain management make up the management team. With over twenty years of experience as a head and senior advisor in trade finance, food and agricultural supply chain management, and he has worked with globally recognized conglomerates in this field, Dr. Azam Pasha is the CEO of the company. Throughout his career, Rohit Majhi (CTO) has led the technology department at US-based supply chain startups and has experience in management consulting at Deloitte.
Noor Sweid, Founder and Managing Partner of Global Ventures, commented: “We are delighted to lead Maalexi’s funding round. Focused on empowering small to medium agribusinesses, the company is streamlining the transborder exchange of agriculture products, using AI-driven risk management tools to address payment and performance risks in regional and global supply chains”.
