This archive report was first published on 25 August 2021.
On August 25, 2021, MaxAB, Egypt's largest B2B e-commerce platform, acquired WaystoCap, a Morocco-based B2B e-commerce and distribution platform. This strategic move will enable MaxAB to accelerate its expansion into the Maghreb market, leveraging WaystoCap's expertise in the region.
As part of the acquisition, MaxAB has also confirmed an additional $15 million investment from existing investors, bringing the total capital raised by the e-commerce leader to over $60 million.
WaystoCap, founded in 2017, connects retailers with suppliers and has established a presence in West African cities. The platform has a network of 8,000 retailers and has become one of the largest and leading B2B platforms in Morocco.
MaxAB, launched in 2018, serves a network of traditional retailers across Egypt. The company's technology-based transformative supply chain model offers retailers transparent pricing, on-demand delivery, and a range of value-added services.
With the acquisition, MaxAB's technology, expanded end-to-end supply chain solutions, and business intelligence tools will be combined with WaystoCap's knowledge and expertise. This will benefit over 70,000 retailers supplied with essential food and groceries across multiple markets.
Belal El-Megharbel, Co-Founder and CEO at MaxAB, commented on the expansion and synergies with WaystoCap: '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.'
Niama El Bassunie, CEO & Founder of WaystoCap, added: 'Morocco is an exciting and fast-growing market and with the tremendous increase in government and investor support, the tech ecosystem in Africa and the Middle East is enabling entrepreneurs to build and create novel solutions for some of the key day to day challenges faced in the region.'
