Food and grocery B2B e-commerce and distribution platform, MaxAB has closed a $40 million pre-series B equity round to fuel its expansion across the MENAP region.
- This new funding will help MaxAB deepen its footprints in Morocco to cover the whole country by the end of 2023 and enter Saudi Arabia. It will also be deployed to finance further growth in the e-commerce arm and the fintech arm of its business. The asset-heavy MaxAB has raised over $100 million in total.
- MaxAB estimates that there are more than 750,000 mom-and-pop businesses requiring its services in Egypt and Morocco alone while Saudi Arabia is particularly attractive due to the government's drive to digitise the informal sector and the FMCG’s willingness to explore new business models.
- Since launching in 2018, MaxAB's e-commerce business has successfully served approximately 150,000 unique traditional retailers, delivering 2.5 million orders while maintaining an industry-leading delivery success rate.
- MaxAB is transforming the food and grocery supply chain by connecting suppliers with underserved traditional retailers and offering a wide range of embedded finance solutions.