MaxAB, a Cairo-based startup that offers a network of traditional Egyptian food and grocery stores, has raised USD 40 Mn in Series A funding. Investors in this round include IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, and Maxab’s existing investors Beco Capital and 4DX Ventures.
MaxAB’s mobile app assists small merchants in Egypt in obtaining inventory for their stores. It simplifies store procurement by allowing them to order everything from a single supplier (MaxAB), with clear pricing and 24-hour delivery.
The startup intends to use the fresh funding to grow across Egypt’s major cities by the end of the year, followed by other markets in the region. The funds will also be utilized to expand newly established sectors such as supply chain and embedded finance.