Egyptian e-Commerce Startup MaxAB acquires Morocco’s WaystoCap after securing $15m extra funding
Egyptian e-Commerce startup MaxAB has announced it acquired Moroccan B2B startup WaystoCap as it plots expansion into the Maghreb region. This announcement came after the startup secured an additional $15m to the $40m Series A round it secured last month.
MaxAB was launched by Belal El-Megharbel and Mohamed Ben Halim, in November 2018, businesses use the MaxAB platform to manage, procure and deliver grocery products to shops in Egypt. MaxAB claims to have helped over 55,000 retailers in Egypt, fulfilled more than 1 million orders, and created 1,600 direct jobs in the process since it was founded.
The startup leverages its innovative technology to serves a network of traditional retailers across Egypt, supplying value chains to help put the correct amount of food and groceries at the right place at the right time.
MaxAB has now added another $15m funding, taking its total secured funding to date past the $60m mark. It has also announced the acquisition of Moroccan counterpart WaystoCap, a Morocco-based B2B e-commerce platform connecting retailers with suppliers across Africa.
The acquisition will see MaxAB accelerate its expansion into the Maghreb market, empowered by WaystoCap’s expertise in the region. The retailers and suppliers served by both companies will now benefit from MaxAB’s technology, expanded end-to-end supply chain solutions and business intelligence tools as well as WaystoCap’s knowledge and expertise. MaxAB’s acquisition will now see more than 70,000 retailers supplied with essential food and groceries across multiple markets.
Belal El-Megharbel co-founder of MaxAB speaking on the development expressed joy as he referred to both startups as ‘super-team.
“We are about to take the food and grocery industry to another level in North Africa. The creation of this new super-team, combining a powerhouse of talent, technological know-how, on the ground infrastructure, boosted supply chains and WaystoCap’s phenomenal experience of the region is very exciting. We have a long-standing and excellent working relationship with WaystoCap and share a common vision to re-engineer the traditional food and grocery market to better serve traditional retailers,” said El-Megharbel.
Niama El Bassunie, chief executive officer (CEO) and founder of WaystoCap speaking said:
“We are thrilled to play a pivotal role in the new all-star team being created and led by experienced, innovative entrepreneurs to establish a regional market leader in food and grocery supply. We are looking forward to continuing our close working relationship with our new team and taking the business to its next phase”.