MaxAB - Egypt eCommerce platform, receives a $15 million Series A extension and acquires Morocco - WaystoCap
MaxAB, Egypt's eCommerce platform, receives a $15 million Series A extension and acquires Morocco's WaystoCap
Following a $40 million Series A round in July — one of the largest fundings in the Middle East and North Africa (MENA) region — MaxAB, an Egypt-based Business to Business (B2B) eCommerce platform, announced the addition of $15 million to its Series A round and the acquisition of WaystoCap, a YC-backed B2B, eCommerce, and distribution platform based in Morocco.
Existing investors RMBV, IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, Beco Capital, and 4DX Ventures contributed additional funding.
MaxAB's acquisition of WaystoCap is consistent with the company's strategy of expanding across Africa. Belal El-Megharbel, CEO and Co-founder, believes it is a positive step forward, owing to their pre-existing relationship with WaystoCap and the startup's experience in the region.
“We are about to revolutionize the food and grocery industry in North Africa. The formation of this new super-team, which combines a talent pool, technological know-how, on-the-ground infrastructure, boosted supply chains, and WaystoCap's unparalleled experience in the region, is extremely exciting. We have a long and productive relationship with WaystoCap and share a common vision of reengineering the traditional food and grocery market to better serve traditional retailers.”
WaystoCap is the first Moroccan startup to be accepted into Y Combinator
WaystoCap is the first Moroccan startup to be accepted into Y Combinator, founded in 2015 by Niama El Bassunie, Mehdi Daoui, Anis Abdeddine, and Aziz Jaouhari Tissafi. Initially, the company operated as a trading platform, enabling it to establish a presence in Ivory Coast and Togo.
Following their incubation in YC's 2017 Winter batch and a subsequent $3 million seed round, the founders shifted their business model and launched a B2B eCommerce platform connecting retailers and suppliers. Following this model, they withdrew from two West African countries in order to concentrate on Morocco. They currently have a network of 8,000 retailers located throughout the country.
MaxAB will leverage this acquisition to establish a presence in Morocco and the Maghreb region, which includes Algeria, Libya, Mauritania, Morocco, and Tunisia.
El Bassunie, who will take over as Managing Director of MaxAB Morocco, believes the merger is a positive sign for the MENA ecosystem, as it encourages efforts to develop solutions that address the region's unique challenges.
“Morocco is an exciting and rapidly growing market, and the region's tech ecosystem is enabling entrepreneurs to build and create novel solutions to some of the region's most pressing daily challenges.
“We are honored to play a critical role in the formation and leadership of a new all-star team led by seasoned, innovative entrepreneurs with the goal of establishing a regional market leader in food and grocery supply. We look forward to continuing our close collaboration with our new team and advancing the business.”
MaxAB, founded in 2018, is a platform that delivers supplies to retail locations throughout Egypt. The platform enables store owners to purchase goods, arrange for delivery or logistics, and communicate with a customer support team. MaxAB's total announced funding now stands at $60 million. The purchase price for WaystoCap was not disclosed.
Numerous positive projections for the MENA region's eCommerce industry exist, and news of large fundings and acquisitions bolsters these projections.
