MaxAB, an Egyptian eCommerce platform that serves food and grocery retailers, has raised an additional $15M from existing investors bringing its total Series A funding to $55M, the largest ever by an Egyptian startup.
In addition, it announced its acquisition of WaystoCap, a Morocco-based e-commerce and distribution platform that connects retailers with suppliers across Africa.
Founded in 2015 by Niama El Bassunie, Mehdi Daoui, Anis Abdeddine and Aziz Jaouhari Tissafi, WaystoCap was originally a cross-border trade platform for transacting business goods in Africa. Two years later, the company got into the 2017 Y Combinator’s Winter batch, making it the first company accepted from Morocco. It subsequently raised a $3 million seed round. Continue reading