Published 05 Jul,2021 via Bloomberg Technology & Innovation - An Egyptian e-commerce business linking traditional retailers with suppliers of products such as food and groceries plans to expand in North Africa and the Gulf after an early-stage funding round.
Cairo-based MaxAB raised $40 million from RMBV and seven others including the International Finance Corp. and Flourish Ventures, according to a statement on Monday. It plans to use the proceeds to help extend its operations to all of Egypt’s major cities by year-end, co-founder Belal El-Megharbel said in an interview.
MaxAB, founded in 2018 and a one-stop supplier for a network of mom-and-pop stores in Egypt’s greater Cairo and Delta regions, saw annual revenue climb more than fivefold last year, according to El-Megharbel, who’s also chief executive officer. The company plans to expand internationally “within the next few months,” he said, without naming countries.
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