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African Startup Funding Tracker

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Senegalese B2B E-Commerce Maad Raises USD 3.2 M Seed Funding
Senegalese B2B E-Commerce Maad Raises USD 3.2 M Seed Funding

Maad, a B2B e-commerce startup based in Senegal, has secured USD 3.2 M debt-equity funding to bolster its growth in the western Africa country and to explore fresh opportunities in the wider Francophone region. The seed round was led by Ventures Platform, with participation from Seedstars International Ventures, Reflect Ventures, Oui Capital, Launch Africa, Voltron Capital and Alumni Ventures. It raised the USD 900 K debt financing from French DFI Proparco and local banks.

Maad’s end-to-end distribution platform enables informal retailers (mom and pop stores) to source fast moving consumer goods (FMCG) directly from partner suppliers, tackling key issues they face, including stockouts and high-cost of inventory brought by multiple levels of dealers. The startup now plans to expand its coverage to include remote places within the country, and is keen on entering a new market within Francophone regions by the end of the year. It also plans to introduce buy now, pay later (BNPL) service to enable shop owners to access inventory on credit.