Cairo-based MaxAB, a B2B eCommerce platform, has raised a total of $40 million for its Series A round from a group of investors led by RMBV, a MENA-focused impact investment firm located in Amsterdam. The other investors in the round included a couple of MaxAB’s existing investors – Beco Capital and 4DX Ventures – as well as IFC, Flourish Ventures, Rise Capital, Crystal Stream Capital, and Endeavor Catalyst. The valuation terms of the investment have not been disclosed.
With this round, MaxAB has now raised a total of $46 million, making it one of Egypt’s better-funded startups. The 2018-launched startup solves the problem facing retailers who have to order their inventory from multiple suppliers, a time-consuming process fraught with pricing, delivery, and inventory management problems. By using the startup’s platform, retailers essentially order their supplies from one provider (MaxAB) which offers a full range of inventory with transparent pricing and 24-hour delivery.
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