MaxAB, Egypt’s largest e-commerce platform B2B commerce 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. 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.
WaystoCap was founded in 2017 to connect retailers and suppliers and was the first Moroccan startup to join Y Combinator.
Since then, it has become 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. 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 as well as transparent pricing, on-demand delivery and a range of services to added value.
Retailers and suppliers served by both companies will benefit from MaxAB’s technology, extended end-to-end supply chain solutions, business intelligence tools and WaystoCap’s knowledge and expertise.
MaxAB’s acquisition of WaysToCap will now enable more than 70,000 retailers to be supplied with food and groceries in multiple markets.
Belal El-Megharbel, co-founder and CEO of MaxAB, spoke about the expansion of MaxAB and synergies with WaystoCap:
“We are on the verge of moving the food industry in North Africa to a other 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 the considerable experience of WaystoCap in the region.
We have a long-standing and excellent working relationship with the latter and share a common vision of reengineering the traditional food and grocery market to better serve traditional retailers.”
Niama El Bassunie, CEO and founder of WaystoCap, adds: ” Morocco is an exciting and growing market.
Today, the technological ecosystem in Africa and Middle East offers entrepreneurs the opportunity to create new solutions to meet to some of the main daily challenges facing the region, building on the considerable support from governments and investors.
We are delighted to play a role central in this new talented team created and led by entrepreneurs experienced and innovative, in order to become a regional leader in the food and the grocery store.
We look forward to continuing our close collaboration with MaxAB and bringing the business to its next phase. “
The Maghreb market is new territory for MaxAB and this new acquisition strategy will position the extended team as the main e-commerce platform B2B in the Middle East and Africa for retailers and suppliers.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates.
