Landmark Seed Round Boosts North African SMEs

In what is one of the largest ever seed rounds raised by a start-up in the MENA region, Egyptian-based e-commerce platform, MaxAB, disclosed the completion of a $6.2 million funding. Founded in November 2018 by Egyptian and Libyan entrepreneurs Belal El-Megharbel and Mohamed Ben Halim, the B2B start-up connects informal food and grocery retailers with suppliers in the country’s most under-served geographies via an easy-to-use app. Egypt’s $45 billion FMCG food retail market is heavily fragmented and multi-layered, which presents multiple trade obstacles for the country’s 400,000+ traditional retailers.  The goal is to re-engineer the informal grocery and food market in Egypt, using empowering technologies and innovative supply chains designed to fit the needs of retailers in the areas they serve.
 

SOURCE: VENTURES AFRICA

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