Globally, food and grocery delivery startups have been raising mega-rounds of late, especially those in Europe as the pandemic has given rise to more people ordering online more than ever. This growth has translated to an increase in volume across e-commerce platforms all over the world.
While there has relatively been no action in Africa in terms of raising investments, startups in MENA continue to garner interest, mainly in B2B e-commerce. Today, the latest of these is coming out of Egypt.
MaxAB, a startup based out of Cairo that serves a network of traditional food and grocery retailers across Egypt, has raised $40 million in Series A financing.
The company, which claims to have launched in a new city every month this year, will be expanding its physical footprint across the Middle East and North Africa. In addition, MaxAB plans on hiring more talent and scaling its recently launched business verticals, including new supply chains and embedded finance solutions.
Founded in November 2018 by Belal El-Megharbel and Mohamed Ben Halim, MaxAB’s platform manages procurement and grocery delivery to shops in Egypt. Store owners can use the platform to purchase goods, request delivery or logistics to move the goods, and access a customer support team.