A startup, MaxAB, is raising a total of $40, $55, and $30 million in a two-trillion-dollar round, according to TechCrunch. The company has already raised $20 and $30 million in previous rounds, and its most recent round is expected to bring in an additional $40 and $55 million. Interestingly, these are the first two billion-dollar rounds for any tech company since Google and Facebook made their debuts in 2013.
MaxAB raises $55 million in a two-trillion-dollar round
MaxAB is an e-commerce startup headquartered in Egypt. In less than three years, the company has served more than 80,000 retail merchants, and has fulfilled 1.5 million orders. Now, the firm is looking to expand into two more countries.
The company currently serves traditional retailers in Morocco and Egypt. MaxAB plans to expand into two more countries in 2022.
The company plans to hire talented professionals and launch new products. It is also expanding into Nigeria.
The startup will focus on providing digital payment solutions for small businesses. It will use the funding to expand its product portfolio, and develop finance management tools.
The company recently raised a $4 million seed round. The funding comes from a variety of investors, including Saviu, Kibo Ventures, Orange Ventures, and Unpopular Ventures.
MaxAB raises $45 million in a two-trillion-dollar round
One of the most interesting and fastest growing e-commerce startups in Egypt is MaxAB. A B2B e-commerce platform, the company has already served more than 80,000 retailers and has a presence in Morocco and two other African countries.
The company is backed by the likes of Algebra Ventures, Chandaria Capital and the Ivorian business angel Mohamed Diabi. It has a solid track record of profitability, with an estimated 300% revenue growth each year.
This newest round of funding will allow the firm to expand into the Moroccan market and continue its expansion into Africa. In addition to the new investment, the startup plans to invest in talent and boost product development.
The startup is also looking to grow its team and launch additional services in Nigeria and Senegal. They will also build out their secondary marketplaces and partner with telcos and artists to make exclusive deals.
MaxAB raises $40 million in a two-trillion-dollar round
MaxAB is an Egyptian B2B e-commerce and distribution startup. It helps traditional retailers and suppliers procure inventory, and delivers wares within 24 hours. In the process, it provides a broad range of integrated financial solutions.
MaxAB is currently serving a network of traditional merchants in Egypt and Morocco. They have a strong presence in major cities such as Cairo and Casablanca. The company is aiming to expand into Saudi Arabia by the end of 2023.
MaxAB plans to introduce new products and services to its merchants. This includes a working capital product that allows retailers to order from one supplier instead of many. By the end of the year, the company will also launch a fintech unit.
Its goal is to make MaxAB a one-stop shop for traditional retailers, and the funding will allow it to expand into Saudi Arabia and Morocco. To date, the company has supplied over 55,000 retailers in Egypt.
MaxAB raises $30 million in a two-trillion-dollar round
MaxAB is an Egyptian B2B e-commerce marketplace that has recently raised a $40 million pre-series B round. It’s one of the largest fundraising rounds in the MENA startup ecosystem. The company plans to use the proceeds to expand across the MENAP region and also scale up its FinTech arm.
MaxAB’s core business is connecting small and informal food retailers with suppliers. Its products include an app for store owners to purchase goods, a fleet of delivery vehicles, and a customer support team. Currently, the company serves over 150,000 “mom and pop” businesses.
MaxAB aims to expand into two additional countries, Saudi Arabia and Morocco, by the end of 2023. It’s attracted to the Middle Eastern markets because of the fast-moving consumer goods industry’s willingness to try new business models.
MaxAB raises $20 million in a two-trillion-dollar round
MaxAB is an e-commerce platform serving traditional retailers in Egypt. It has been serving about 1.5 million orders in three years.
The company’s founders claim they’ve processed over $33 million transactions per week and have over 500,000 active users. They also describe themselves as a global BaaS (Business as a Service) player.
MaxAB is the largest funded startup in Egypt. They have also served over 80,000 retailers across Egypt and Morocco. Currently they plan to expand to Morocco and two more countries in 2022.
The company is led by former Careem employee Edouard Mendy. He is a graduate of Virginia Tech. Previously, he was the managing director of Jumia Nigeria office and founded Janngo Capital.
The firm is supported by a number of high-profile investors. Desigan Chinniah is an early eBay engineer. Other notable investors include the Saudi sovereign wealth fund Sanabil Investments.