MaxAB, Egypt’s largest B2B e-commerce platform serving food and grocery retailers, has just acquired WaystoCap, the B2B e-commerce and distribution platform. The latter is based in Morocco and links retailers to suppliers across Africa.
“Morocco is an exciting and growing market. Today, the tech ecosystem in Africa and the Middle East offers entrepreneurs the opportunity to create new solutions to address some of the major daily challenges facing the region, building on the tremendous support of governments and investors. We are excited to play a pivotal role in this talented new team created and led by experienced and innovative entrepreneurs to become a regional leader in the food and grocery market. We look forward to continuing our close collaboration with MaxAB and taking the company to its next phase, ”notes Niama El Bassunie, CEO and Founder of WaystoCap.
The acquisition will allow MaxAB to accelerate its expansion in the Maghreb market thanks to WaystoCap’s expertise in the region. MaxAB also secured an additional $15 million fund from its investors, closing its Series A with total capital of over $60 million.
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WaystoCap was founded in 2017 and was the first Moroccan startup to join Y Combinator, a startup accelerator based in San Francisco. It has since grown into one of the largest and most important B2B platforms in Morocco with a network of 8,000 retailers. WaysToCap then carried out an expansion in West Africa.
For its part, launched in 2018, MaxAB serves a network of traditional retailers across Egypt. Its digital transformation model of the Supply Chain based on the company’s internal technology allows it to offer retailers the simplicity of dealing with a single supplier, along with transparent pricing, on-demand delivery and a range of services. value-added.
Retailers and suppliers served by both companies will benefit from MaxAB’s technology, extensive end-to-end supply chain solutions, business intelligence tools, and the knowledge and expertise of WaystoCap. The acquisition of WaysToCap by MaxAB will now enable more than 70,000 retailers to be supplied with food and groceries in multiple markets.
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“We are about to take the food industry in North Africa to another level. The creation of this new team is very exciting, combining many specialists, technological know-how, infrastructure on the ground, strengthened supply chains, as well as WaystoCap’s considerable experience in the region. We have had an excellent and long-standing working relationship with the latter and share a common vision of reengineering the traditional food and grocery market to better serve traditional retailers ”, underlines Belal El-Megharbel, co-founder and CEO of MaxAB.
WaystoCap acquired WaystoCap acquired
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer