Venture Capitalists News Hubb
Advertisement Banner
  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact
No Result
View All Result
  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact
No Result
View All Result
Venture Capitalists News Hubb
No Result
View All Result
Home Venture Capital Market

The Capital Quest | PE firm Silver Lake signs VC-stage cheque for MaxAB in debut Africa bet

admin by admin
October 19, 2022
in Venture Capital Market


Cairo-based B2B ecommerce platform MaxAB, which serves food and grocery retailers and last year raised a record amount in a Series A round led by RMBV, has now closed a $40 million pre-Series B equity round.

It raised the money from Silver Lake, British International Investment (BII), and DisruptAD, the venture platform of Abu Dhabi sovereign wealth fund ADQ.

Existing investors Beco Capital, 4DX Ventures, Flourish Ventures and Africa Platform Capital chipped in, too.

The transaction marks the debut Africa investment by US-based private equity firm Silver Lake. The tech-focused firm invested in MaxAB as part of a long-term partnership it formed two years ago with Abu Dhabi sovereign wealth fund Mubadala.

This round brings the Egyptian company’s total funding to more than $100 million so far. This includes its $6.2 million seed round in September 2019 and $40 million Series A round last year, followed by an additional $15 million from existing backers last year.

El-Megharbel, a former Careem executive, had joined hands with former Aramex executive Mohamed Ben Halim to start MaxAB four years ago. Ben Halim is also the company’s COO.

It serves a network of traditional retailers across Egypt, offering on-demand delivery and other value-added services. The company says suppliers benefit from MaxAB’s supply chain solutions and business intelligence tools that allow them to predict, monitor and control the impact of their strategies in real time.

Since launching in 2018, MaxAB’s e-commerce business has served approximately 150,000 unique traditional retailers, delivering 2.5 million orders while maintaining an industry-leading delivery success rate. Last year it began rolling out its fintech solutions across its merchant base with the goal of digitising the flow of cash, transitioning MaxAB into a one-stop shop for traditional retailers.

The new investment will enhance MaxAB’s plans for further geographic expansions to see full geographical coverage of Morocco by the end of 2023 and entry into Saudi Arabia.

The new capital will also be deployed by MaxAB to finance further growth in the e-commerce arm of its business, expand its technology and product teams, and further scale the fintech arm by offering a wider range of embedded finance solutions.

Last year, MaxAB acquired the Morocco-based B2B e-commerce and distribution platform WaystoCap, expanding its services to the Maghreb.

Related



Source link

Previous Post

Coinbase CEO To Sell 2% of His COIN To ‘Fund Scientific Research’

Next Post

Competition Comm slaps penalties totalling Rs 392 Cr on MakeMyTrip, Goibibo, OYO

Next Post

Competition Comm slaps penalties totalling Rs 392 Cr on MakeMyTrip, Goibibo, OYO

Recommended

Web3 Is Still Nowhere Near Its Main Act

2 months ago

NEP has reoriented education and skilling among students: PM

3 months ago

GeM commemorates success of women entrepreneurs on its portal

5 months ago

Impressions from Sam Altman’s talk in London

1 week ago

FreshToHome raises $104M led by Amazon Smbhav Venture Fund

3 months ago

The Capital Quest | Egyptian fintech Money Fellows, Nigerian proptech SmallSmall raise VC funding

7 months ago

© Venture CapitaLists News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact

© 2022 Venture Capitalists News Hubb All rights reserved.