ImpactAlpha, July 6 – Most of Egypt’s 100 million consumers buy staples from small grocery stores and mom-and-pop retailers. MaxAB launched three years ago to “create a more cohesive, transparent and efficient food and grocery supply chain in Egypt.”
The Cairo-based business-to-business e-commerce platform handles inventory sourcing, delivery, digital payments and access to credit for small food retailers.
North Africa-focused impact investor RMBV led MaxAB’s $40 million Series A round. Also participating: the International Finance Corp., Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavor Catalyst, Beco Capital and 4DX Ventures.
The pandemic highlighted the structure of Egypt’s economy, “with hundreds of thousands of shopkeepers and small businesses becoming the lifeline of our country at the time of crisis,” RMBV’s Ahmed Badreldin said in a statement.
MaxAB supports more than 55,000 retailers and claims it has helped create 1,600 jobs.