MaxAB raises $40mln from Silver Lake, BII, and DisruptAD

MaxAB raises $40mln from Silver Lake, BII, and DisruptAD

MaxAB, an e-commerce and distribution platform for food and grocery items, has announced the close of a $40 million pre-series B equity round to finance its expansion into the Middle East, North Africa and Pakistan region. New investors in this round include Silver Lake, British International Investment and DisruptAD, along with existing investors Beco Capital, 4DX Ventures and Africa Platform Capital.

MaxAB is working to change the food and grocery supply chain by connecting suppliers with traditional retailers who are underserved, and by offering a variety of embedded finance solutions. This support of the country’s economic development has been successful since launching in 2018, with 150,000 unique traditional retailer orders being placed and 2.5 million orders delivered (with a high success rate). In 2021, MaxAB started to roll out its fintech solutions across its merchant base with the goal of digitizing the flow of cash. MaxAB is now the market leader in its industry, with a presence in all major cities in Egypt and Casablanca, Morocco. The company plans to expand its geographic coverage to include the entire country of Morocco by 2023, and to also enter the Kingdom of Saudi Arabia.

The new capital will be used by MaxAB to finance