Proparco and Digital Africa have announced their support for “Made in Africa” companies by providing funding to the Senegalese startup Maad. As part of the Bridge Fund by Digital Africa, Proparco has granted €200,000 (USD218,755) in funding to Maad to accelerate its growth until its next funding round (Series A). The investment aims to support Maad in expanding its innovative platform and solutions for small retailers.
The funding will facilitate the extensive deployment of Maad’s solution in Senegal, where it is already being used by over 5,000 retailers. It will also support the expansion of Maad into other French-speaking African countries, as well as the development of new offerings for small retailers.
Why The Investors Invested
The investors chose to invest in Maad for several compelling reasons. Firstly, Maad offers an innovative digital solution that addresses the specific needs of small retailers, streamlining their procurement process and providing them with a competitive edge in the market. By investing in Maad, the investors recognize the value of supporting technological advancements that benefit the retail sector.
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Secondly, Maad’s platform not only benefits retailers but also provides reliable data to suppliers, enabling them to make informed decisions and improve restocking processes. This data-driven approach enhances the overall efficiency of the supply chain, making it an attractive investment opportunity for the investors.
Lastly, Maad has already established a strong presence in Senegal, with thousands of retailers benefiting from its platform. This demonstrates Maad’s potential for scalability and growth in other African markets, especially in French-speaking countries. The investors recognized the opportunity to support Maad’s expansion and capture a significant market share in the region.
A Look at Maad
Maad was founded in 2021 by Sidy Niang and Jessica Long in Senegal with the aim of empowering small retailers through digital innovation. The startup’s platform enables retailers to streamline their procurement process, offering fast delivery services, competitive prices, and financing options to optimize their cash flow. By leveraging the data generated by its platform, Maad enables suppliers to track their sales accurately and continuously, thereby improving restocking processes.
The founders of Maad have been dedicated to creating a positive impact throughout the Senegalese territory by providing practical and effective solutions for small retailers. The startup’s mission aligns with Proparco’s strategy for 2023–2027, which focuses on financing innovation that supports entrepreneurs in their business endeavors.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard