{"id":612496,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/maxab-to-merge-with-kenyan-b2b-e-commerce-player-wasoko\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"maxab-to-merge-with-kenyan-b2b-e-commerce-player-wasoko","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/maxab-to-merge-with-kenyan-b2b-e-commerce-player-wasoko\/","title":{"rendered":"MaxAB to merge with Kenyan B2B e-commerce player Wasoko"},"content":{"rendered":"

A pan-African e-commerce giant in the works: <\/strong>Egyptian B2B e-commerce platform MaxAB<\/a> has inked a preliminary merger agreement with Kenya-based Wasoko<\/a>, according to a joint statement (pdf)<\/a>. The merger aims to \u201cdrive the transformation of Africa\u2019s informal retail sector \u2026 and establish the most successful digital retail platform on the continent.\u201d <\/p>\n

Short on details: <\/strong>We reached out to ask about who would own what post transaction, the valuation of the merged entity, and when the two companies expect to see the transaction go through. Company executives did not reply to request for comment. A PR contractor for Wosoko was unable to comment. <\/p>\n

The merger will give the companies a combined customer base of over 450k merchants <\/strong>serving over 65 mn consumers<\/strong> in eight African countries. MaxAB already operates in Egypt and Morocco, while Wasoko is present in Kenya, Tanzania, Rwanda, Uganda, Zambia, and Congo.<\/p>\n

They see a massive market: <\/strong>The two want to capture what they say is Africa\u2019s USD 850 mn informal retail sector, offering fintech, logistics, and e-commerce services. <\/p>\n

Top execs staying on: <\/strong>It\u2019s not clear who will run the combined business, though the statement notes that MaxAB CEO Belal El Megharbel and Wosoko chief executive Daniel Yu are \u201ccommitted to shaping the long-term future of the company together, and will both continue as full-time executive leaders\u201d when the transaction wraps. The release refers to this as a \u201cmerger of equals,\u201d but doesn\u2019t make clear whether they intend to operate as a single brand or who will own what stake in the merged entity.<\/p>\n

What we know of their capital: <\/strong>MaxAB last year closed a USD 40 mn pre-series B round<\/a> to fund its expansion across the MENAP region. The capital injection followed a USD 15-mn extension<\/a> to a USD 40 mn series A round<\/a> in 2021 and a record USD 6.2 mn seed round<\/a> in 2019. Wasoko in 2022 raised USD 125 mn in a series B round<\/a> that valued the company at USD 625 mn.<\/p>\n

Even more funding:<\/strong> \u201cThe combined business has received additional investment and has substantial runway to reach profitability,\u201d the release says, without saying who invested. <\/p>\n

This isn\u2019t MaxAB\u2019s first M&A: <\/strong>The company in August 2021 acquired<\/a> Moroccan e-commerce and logistics platform WaystoCap for an undisclosed sum.<\/p>\n

About the companies: <\/strong>Founded in 2018 by Belal El Megharbel (LinkedIn<\/a>) and Mohamed Ben Halim (LinkedIn<\/a>), MaxAB offers a range of e-commerce and fintech services targeting smaller retailers and suppliers. Wasoko was founded in 2013 by Daniel Yu (LinkedIn<\/a>). The company enables smaller retailers to restock products for their businesses via mobile app.<\/p>\n

The international press also had the story:<\/strong>Bloomberg<\/a> | TechCrunch<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

The merged entity will sell to more than 450k merchants in eight African countries<\/p>\n","protected":false},"author":1,"featured_media":612497,"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":[7258],"tags":[72,7128,2182,95,7132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-ma-watch","tag-maxab","tag-startup-watch","tag-wasoko","wpautop","entry"],"acf":{"mongo_id":"d25900ad-f8ff-4827-a81d-82b0f631e945","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1517.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s MaxAB to merge with Kenyan B2B e-commerce player Wasoko","related_issue":[612483],"teaser":"The merged entity will sell to more than 450k merchants in eight African countries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.c62bf9de-279e-4f56-b27f-dbb2d6bea0cb.mp3"},"yoast_head":"\nMaxAB to merge with Kenyan B2B e-commerce player Wasoko - 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\/2023\/12\/24\/maxab-to-merge-with-kenyan-b2b-e-commerce-player-wasoko\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MaxAB to merge with Kenyan B2B e-commerce player Wasoko\" \/>\n<meta property=\"og:description\" content=\"The merged entity will sell to more than 450k merchants in eight African countries\" 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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":612496,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612496","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=612496"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612496\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612497"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612496"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612496"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}