RIYADH: Egypt-based B2B e-commerce startup MaxAB raised $40 million in a pre-series B funding round to expand to Morocco as well as grow its fintech solutions.
Established in 2018, the company offers underserved traditional retailers the ability to connect with food and grocery suppliers with a wide range of embedded finance solutions.
The company will be able to strengthen its presence in Egypt and advance into Morocco as well as expand into Saudi Arabia by 2023, TechCrunch reported.
“We are thrilled to have gained the recognition and financial backing of world-class investors, adding to the reception and support we receive from the retailers and suppliers we serve,” CEO and co-founder Belal El-Megharbel said in a statement.
The round saw participation from DisruptAD, the British International Investment, 4DX Ventures, Flourish Ventures, Beco Capital and Africa Platform Capital.
