Cairo - Mubasher: MaxAB, Egypt-based B2B e-commerce platform, has secured $15 million to acquire Morocco-based counterpart WaystoCap.
This transaction came after the company had raised $40 million in a Series A round led by RMBV, alongside IFC, Rise Capital, Endeavor Catalyst, and MaxAB’s existing investors Beco Capital and 4DX Ventures, according to a press release on Wednesday.
The acquisition will enable the Egypt-based startup to expand its services to over 70,000 retailers across multiple markets, benefitting from its integrated technology and end-to-end supply chain solutions and WaystoCap’s market knowledge and connections.
Established in 2018, MaxAB has been deploying technologies to serve a number of traditional retailers in Egypt’s most under-served geographies.
Co-Founder Belal El-Megharbel commented: "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."