B2B e-commerce startup MaxAB has raised $40 million in pre-Series B, aiming to cover all of Morocco by the end of 2023.
The e-commerce marketplace connects food and grocery retailers to suppliers in Egypt and Morocco. However, the company plans to reinforce its presence across the Middle East and North Africa by expanding into Saudi Arabia amid Riyadh’s efforts to digitize the informal sector.
The funding round was marked with the participation of investment firms Silver Lake, DisruptAD, and British International Investment.
Former investors in MaxAB also took part in the pre-series B round including Beco Capital, 4DX Ventures, Flourish Ventures, and Africa Platform Capital.
MaxAB introduced fintech solutions to make its platform a one-stop shop for retailers in all major Egyptian cities and Casablanca.
MaxAB’s solution in Morocco appears to compete with the Moroccan e-commerce startup Chari which also connects conventional retailers to suppliers.