{"id":566641,"date":"2021-07-05T13:49:51","date_gmt":"2021-07-05T13:49:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/05\/maxab-closes-landmark-funding-in-fresh-round-led-by-ahmed-badreldins-rmbv\/"},"modified":"2021-07-05T13:49:51","modified_gmt":"2021-07-05T13:49:51","slug":"maxab-closes-landmark-funding-in-fresh-round-led-by-ahmed-badreldins-rmbv","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/05\/maxab-closes-landmark-funding-in-fresh-round-led-by-ahmed-badreldins-rmbv\/","title":{"rendered":"MaxAB closes landmark funding in fresh round led by Ahmed Badreldin\u2019s RMBV"},"content":{"rendered":"

<\/a> MaxAB has raised USD 40 mn in a series A round led by impact investor <\/strong>RMBV<\/a><\/strong>, <\/strong>bringing the amount invested in the company since its record USD 6.2 mn seed round<\/a> in 2019 to just north of USD 46 mn, according to a MaxAB statement (pdf)<\/a>. The round saw participation from the IFC, Flourish Ventures<\/a>, Crystal Stream Capital<\/a>, Rise Capital<\/a>, Endeavor Catalyst<\/a>, as well as MaxAB\u2019s original early backers Beco Capital<\/a> and 4DX Ventures<\/a>. Investors in the round also included Hayaat Group<\/a>, a Dubai-based regional family office, Canada-based Sarona<\/a>, Africa-focused impact investor Axian Telecom<\/a>, and individual Egyptian investors, a source close to the transaction told us, without naming the local investors.<\/p>\n

The Cairo-based B2B food and grocery platform will use the proceeds to set up a branch in every key city in Egypt,<\/strong> with an eye to eventually set up shop in other MENA countries. It will also be able to grow its recently-launched business verticals through new supply chains and financing solutions for businesses, while also ramping up hiring and recruitment, \u201cfurther positioning Egypt as one of the primary technology hubs in the region,\u201d the statement reads<\/p>\n

\u201c<\/strong>B<\/strong>eing backed by a diverse group of renowned and experienced investors will enable us to rapidly scale our operations<\/strong> across the MENA region and developing markets,\u201d<\/strong> MaxAB co-founder and CEO Belal El Megharbel said. The company has already grown more than five times y-o-y in a short period of time, since launching back in 2018, he adds. \u201cWe are delighted to be backing visionary entrepreneurs that have created a transformative business with impressive growth that is a catalyst for financial inclusion and job creation,\u201d RMBV Managing Partner Ahmed Badreldin, meanwhile said.<\/p>\n

What does MaxAB do, exactly? <\/strong>It\u2019s a platform that connects informal food and grocery retailers with suppliers through an Android app. It aims to automate and simplify the USD 45 bn consumer goods industry in Egypt by providing retailers in underserved areas access to a variety of products, the ability to order stock online, a rapid delivery service, and access to credit. Brands that use the platform can make use of tools including real-time demand monitoring, helping them make informed decisions about their purchasing.<\/p>\n

You can catch up on how the company\u2019s B2B bulk ordering is solving an issue of supply chain fragmentation<\/strong> that had long persisted in Egypt, in a recent feature of Hardhat<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

MaxAB has raised USD 40 mn in a series A round led by impact investor RMBV, bringing the amount invested in the company since its record USD 6.2 mn seed round in 2019 to just north of USD 46 mn, according to a MaxAB statement (pdf). The round saw participation from the IFC, Flourish Ventures, […]<\/p>\n","protected":false},"author":1,"featured_media":566642,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10043],"tags":[887,633,203,759,125,2182,338,4172,95,123,239,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-startup-watch","tag-beco-capital","tag-enterprisepm","tag-entrepreneurship","tag-international-finance-corporation","tag-investment-watch","tag-maxab","tag-retail","tag-rmbv","tag-startup-watch","tag-startups","tag-supply-chain","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"48c7f3ae-18ae-4584-9eb9-d62d863793ba","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/321.jpg","photo_position":"above","related_issue":[566637],"teaser":"","voice_url":""},"yoast_head":"\nMaxAB closes landmark funding in fresh round led by Ahmed Badreldin\u2019s RMBV - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/05\/maxab-closes-landmark-funding-in-fresh-round-led-by-ahmed-badreldins-rmbv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MaxAB closes landmark funding in fresh round led by Ahmed Badreldin\u2019s RMBV\" \/>\n<meta property=\"og:description\" content=\"MaxAB has raised USD 40 mn in a series A round led by impact investor RMBV, bringing the amount invested in the company since its record USD 6.2 mn seed round in 2019 to just north of USD 46 mn, according to a MaxAB statement (pdf). 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The new investment takes the company\u2019s total series A funding to USD 55 mn, enabling it to expand\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/523.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595455,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/26\/egyptian-e-commerce-startup-maxab-raises-usd-6-2-mn-in-seed-investment\/","url_meta":{"origin":566641,"position":1},"title":"Egyptian e-commerce startup MaxAB raises USD 6.2 mn in seed investment","author":"enterpriseam admin","date":"26 September 2019","format":false,"excerpt":"STARTUP WATCH- Cairo-based e-commerce startup MaxAB has raised USD 6.2 mn in one of the MENA region\u2019s largest-ever seed rounds, it said ina statement (pdf). The round was co-led by Beco Capital, 4DX Ventures, and Endure Capital, while 500 Startups, Outlierz Ventures, and other local investors participated. The company expects\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2576.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586439,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/11\/ebrd-to-invest-in-rmbvs-usd-300-mn-north-africa-fund\/","url_meta":{"origin":566641,"position":2},"title":"EBRD to invest in RMBV\u2019s USD 300 mn North Africa fund","author":"enterpriseam admin","date":"11 May 2023","format":false,"excerpt":"The USD 300 mn fund will pour investments in companies in Egypt, Morocco, and Tunisia","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/636.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553086,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/this-evening-qatars-swf-snapping-up-usd-2-5-bn-worth-of-state-owned-company-stakes-maxab-closes-usd-40-mn-pre-series-b\/","url_meta":{"origin":566641,"position":3},"title":"THIS EVENING: Qatar\u2019s SWF snapping up USD 2.5 bn-worth of state-owned company stakes + MaxAB closes USD 40 mn pre-series B","author":"enterpriseam admin","date":"19 October 2022","format":false,"excerpt":"Happy almost-THURSDAY, wonderful people. The weekend is (just) within reach, but the news cycle isn\u2019t dying down just yet.THE BIG STORIES TODAY- #1- Qatar to invest USD 2.5 bn in state-held firms: Qatar\u2019s sovereign wealth fund is in advanced talks to buy up 20% of Telecom Egypt\u2019s stake in Vodafone\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612496,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/maxab-to-merge-with-kenyan-b2b-e-commerce-player-wasoko\/","url_meta":{"origin":566641,"position":4},"title":"MaxAB to merge with Kenyan B2B e-commerce player Wasoko","author":"enterpriseam admin","date":"24 December 2023","format":false,"excerpt":"The merged entity will sell to more than 450k merchants in eight African countries","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1517.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563804,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/e-commerce-startup-taager-receives-usd-6-4-mn-seed-funding\/","url_meta":{"origin":566641,"position":5},"title":"E-commerce startup Taager receives USD 6.4 mn seed funding","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"Egyptian e-commerce startup Taager has secured USD 6.4 mn in a seed funding round, according to TechCrunch. The round was led by Africa-focused VC firm 4DX Ventures and also included participation from Raed Ventures, Beco Capital, Breyer Capital and private investors, including Careem co-founder Magnus Olsson.Taager has now raised more\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/228.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=566641"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566641\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566642"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566641"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566641"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}