Tech in Africa
MaxAB, an Egypt startup secures additional funding in the first round since July from existing investment worth $15 million raising the total sum to $55 million. The investment coincided with the acquisition of WaystoCap – a Moroccan-based B2B e-commerce and distribution platform bridging the gap between suppliers and retails across Africa.
The closure of this round raises the total capital accumulated to $60 million while the acquisition marks MaxAB’s entry into the Maghrebi market. MaxAB serves a network of food and grocery retailers resulting in a growth of the sector since 2018. This tech-based supply chain looks to transform the sector by offering retailers simplified processes where they can trade with a single supplier offering transparent pricing, with on-demand delivery while offering value-added services.
As an end-to-end supply chain solution accompanied by business intelligence tools, WaystoCap offers both regional and local expertise. Founded in 2017, the Casablanca-based company became the first Moroccan startup to join Y Combinator evolving into a leading B2B platform with a network of over 8,000 retailers with a presence across West Africa.
Source: Wamda
