This archive report was first published on 6 July 2021.
Published on July 6, 2021, Egyptian B2B food and grocery delivery startup MaxAB has secured $40 million in its Series A funding round, bringing its total investment to $46.2 million.
The funding round saw participation from impact investor RMBV, the International Finance Corporation (IFC), Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, Beco Capital, and 4DX Ventures.
MaxAB plans to use the funding to expand its physical footprint across the Middle East and North Africa, hire more talent, and scale its business verticals, including new supply chains and embedded finance solutions.
The company has experienced significant growth over the past two years, now servicing over 55,000 merchants and delivering over 2,000 unique products.
MaxAB's platform manages procurement and grocery delivery to shops in Egypt, providing store owners with a range of services, including purchasing goods, requesting delivery or logistics, and accessing a customer support team.
MaxAB previously raised $6 million in a seed investment funding round in September 2019.
