MaxAB Acquires Waysto Cap After an Additional $15 Million
Egyptian retail-tech startup MaxAB has acquired Moroccan counterpart WaystoCap as it plots expansion into the Maghreb region after adding $15 million to the $40 million Series A round it secured last month. MaxAB secured US$40 million in Series A funding in July, and it has now added another US$15 million to that, taking its total secured […]
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Egyptian retail-tech startup MaxAB has acquired Moroccan counterpart WaystoCap as it plots expansion into the Maghreb region after adding $15 million to the $40 million Series A round it secured last month.
MaxAB secured US$40 million in Series A funding in July, and it has now added another US$15 million to that, taking its total secured funding to date past the US$60 million mark. It has also announced the acquisition of WaystoCap, a Morocco-based B2B eCommerce and distribution platform that connects retailers with suppliers across Africa.
Founded in 2018 by Egyptian and Libyan entrepreneurs Belal El-Megharbel and Mohamed Ben Halim, MaxAB is a B2B eCommerce platform that connects food and grocery retailers to suppliers in Egypt’s most under-served geographies.
The company serves a network of traditional retailers across Egypt, using empowering technologies and innovative supply chains to help put the correct amount of food and groceries at the right place at the right time. So far it has supplied more than 55,000 retailers, fulfilled more than one million orders, and grown more than 5x year-on-year.
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Founded in 2017, WaystoCap was the first Moroccan startup to participate in the Y Combinator accelerator, and today, it has a network of 8,000 retailers and a presence in West African cities.
The acquisition will see MaxAB accelerate its expansion into the Maghreb market, empowered by WaystoCap’s expertise in the region. The retailers and suppliers served by both companies will now benefit from MaxAB’s technology, expanded end-to-end supply chain solutions and business intelligence tools as well as WaystoCap’s knowledge and expertise. MaxAB’s acquisition will now see more than 70,000 retailers supplied with essential food and groceries across multiple markets.
“We are about to take the food and grocery industry to another level in North Africa. The creation of this new super-team, combining a powerhouse of talent, technological know-how, on the ground infrastructure, boosted supply chains and WaystoCap’s phenomenal experience of the region is very exciting. We have a long-standing and excellent working relationship with WaystoCap and share a common vision to re-engineer the traditional food and grocery market to better serve traditional retailers,” said El-Megharbel.
