INSUBCONTINENT EXCLUSIVE:
raised a $6.2 million seed-investment co-led by Beco Capital and 4DX Ventures
Others co-leaders included 500 Startups, Endure Capital and Outlierz Ventures.Founded in 2018, MaxAB has built a digital platform to manage
procurement and delivery of grocery products to shops in Egypt
and the Krogers and Walgreens of Egypt only represent 10% of the market; 90% of this $50 billion market gets transacted through small mom
The startup tailored a logistics practice for Egypt to make sure it can meet retail customer needs
The venture generates revenue on margins it earns from the buy to sell price of the products it offers
Unsurprisingly, El-Megharbel names achieving scale as the path to profitability
expanding to its retail clients its offerings to working-capital financing and data-analytics services
The startup will expand its operations to several different cities in Egypt and grow its tech team.The company has no immediate plans to
operate outside of Egypt, according to El-Megharbel, but could consider expansion in North Africa in the future.
MaxAB will raise another
Orth will take a board seat with MaxAB.Transport-tech focused startups received the largest share of the $33 million in VC invested in Egypt
in 2018, according to WeeTracker
Research by Briter Bridges tracks 120 logistics and supply chain-related startups in Africa.In 2018, MaxAB investor 4DX Ventures led a $2
million round in Kenya-based B2B supply chain startup Sokowatch, founded by Daniel Yu.The companies share a similar retail logistics focus,
