Egyptian eCommerce platform, MaxAB, gets $15m Series A extension, acquires Morocco-based WaystoCap

Hello Africa,🔥

Today we will be talking about MaxAB and its recent acquisition of WaystoCap as it seeks to expand its operations in Northern Africa and the Middle East.

MaxAB, an Egyptian based B2B ecommerce platform, announced getting a $15 million additional funding following its initial funding of $40 million during the series A in July which was touted as one of the largest fundings in the Middle East and North Africa.

💪Founded in 2018, MaxAB is a platform that delivers supplies to stores in Egypt. Store owners can then use the platform to purchase goods, arrange for delivery or logistics, and communicate with a customer support team arranged by the MaxAB team.

Following its recent additional funding of $15 million which takes it total announced funding to $60 million, MaxAB also acquired another startup WaystoCap in line with its plans to scale across Africa.

🥁According to CEO and Co-founder Belal EL-Megharbel, “We are about to take the food and grocery industry to another level in North Africa, and so by creating a new super team with a powerhouse of talent, technological know-how, on the ground infrastructure, boosted supply chains and WaystoCap’s phenomenal experience we can expand our platform while also offering the best value to our customers across board”.

Also, this acquisition will see MaxAB position itself in Morocco and the Maghreb region.
We are excited to see what’s happening in the startup ecosystem in Africa! Do you have anything to share with us? Don’t hesitate to reach out AfriRadar♥️