B2B ecommerce marketplace MaxAB raises USD 6.2 mln

Thursday 26 September 2019 00:10 CET | News

MaxAB, a B2B ecommerce marketplace that connects informal food and grocery retailers with suppliers through an easy-to-use app has raised USD 6.2 million in seed funding.

MaxAB’s round was co-led by Beco Capital (who are making their second investment in Egypt after Swvl), Africa-focused 4DX Ventures, and Endure Capital (that has offices in Egypt and the US), with participation from 500 Startups, Morocco-based Outlierz Ventures and other local investors.

The startup connects brands to retailers via its Android app, closing the gap between these traditional retailers (over 400,000 in Egypt) and FMCGs. It aims to automate and simplify USD 45 billion FMCG food retail market and claims to have recorded month-on-month growth, with 9,000 activated retailers on the platform already. The startup, with this capital, expects to reach half of Egypt’s population before expanding across different markets.

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Keywords: MaxAB, B2B, marketplace, retail
Countries: World