MaxAB closes landmark funding in fresh round led by Ahmed Badreldin’s RMBV
MaxAB has raised USD 40 mn in a series A round led by impact investor RMBV, bringing the amount invested in the company since its record USD 6.2 mn seed round in 2019 to just north of USD 46 mn, according to a MaxAB statement (pdf). The round saw participation from the IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavor Catalyst, as well as MaxAB’s original early backers Beco Capital and 4DX Ventures. Investors in the round also included Hayaat Group, a Dubai-based regional family office, Canada-based Sarona, Africa-focused impact investor Axian Telecom, and individual Egyptian investors, a source close to the transaction told us, without naming the local investors.
The Cairo-based B2B food and grocery platform will use the proceeds to set up a branch in every key city in Egypt, with an eye to eventually set up shop in other MENA countries. It will also be able to grow its recently-launched business verticals through new supply chains and financing solutions for businesses, while also ramping up hiring and recruitment, “further positioning Egypt as one of the primary technology hubs in the region,” the statement reads
“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,” MaxAB co-founder and CEO Belal El Megharbel said. The company has already grown more than five times y-o-y in a short period of time, since launching back in 2018, he adds. “We are delighted to be backing visionary entrepreneurs that have created a transformative business with impressive growth that is a catalyst for financial inclusion and job creation,” RMBV Managing Partner Ahmed Badreldin, meanwhile said.
What does MaxAB do, exactly? It’s a platform that connects informal food and grocery retailers with suppliers through an Android app. It aims to automate and simplify the USD 45 bn consumer goods industry in Egypt by providing retailers in underserved areas access to a variety of products, the ability to order stock online, a rapid delivery service, and access to credit. Brands that use the platform can make use of tools including real-time demand monitoring, helping them make informed decisions about their purchasing.
You can catch up on how the company’s B2B bulk ordering is solving an issue of supply chain fragmentation that had long persisted in Egypt, in a recent feature of Hardhat.