MaxAB Recently Secured a $6.2 Million Seed Investment to Expand and Grow
Grace Mahas — September 26, 2019 — Business
References: maxab.io & techcrunch
MaxAB is a Cairo-based startup that works to optimize Egypt's food and grocery supply-chain network for retailers. The B2B e-commerce company uses data-driven technology to re-engineer the traditional food and grocery market by consolidating the supply chain in order to give retailers optimum prices. In addition, MaxAB boasts a 24-hour delivery time to retailers in underserved areas.
In Egypt, the American-based food and grocery suppliers only represent a small fraction of the market and "90% of this $50 billion market gets transacted through small mom and pop shops,” said the MaxAB CEO Belal El-Megharbel. The company is aiming to enter the large demographic and has thus far done so successfully. The triumph of MaxAB has gained notable attention from investors and the e-commerce company recently secured a $6.2 million seed-investment co-led by Beco Capital and 4DX Ventures.
In Egypt, the American-based food and grocery suppliers only represent a small fraction of the market and "90% of this $50 billion market gets transacted through small mom and pop shops,” said the MaxAB CEO Belal El-Megharbel. The company is aiming to enter the large demographic and has thus far done so successfully. The triumph of MaxAB has gained notable attention from investors and the e-commerce company recently secured a $6.2 million seed-investment co-led by Beco Capital and 4DX Ventures.
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