MaxAB, Egypt’s leading B2B e-commerce platform for food and grocery stores, has acquired WaystoCap, a B2B e-commerce and distribution network established in Morocco that connects retailers with suppliers across Africa.
MaxAB’s expansion into the Maghreb market will be accelerated as a result of the acquisition, which will be aided by WaystoCap’s expertise in the region. Additionally, as it closes its Series A, MaxAB has confirmed an additional $15 million investment from current investors, bringing the total cash raised by the e-commerce giant to more than $60 million.
WaystoCap was the first Moroccan business to join Y Combinator, and it was launched in 2017 to link merchants with suppliers. It has since grown to become one of Morocco’s largest and most well-known B2B platforms, with a network of 8,000 retailers and a presence in several West African towns.
MaxAB, which was founded in 2018, provides services to a network of conventional merchants in Egypt. With its technology-based revolutionary supply chain approach, the company can provide retailers with the convenience of working with just one supplier, transparent pricing, on-demand delivery, and a variety of value-added services.
MaxAB’s technology, enhanced end-to-end supply chain solutions, and business intelligence tools, as well as WaystoCap’s experience and skills, will now benefit the retailers and suppliers supplied by both firms. As a result of MaxAB’s acquisition, more than 70,000 shops in numerous marketplaces will be provided with vital food and supplies.
“We are about to push the food and grocery business to another level in North Africa,” Belal El-Megharbel, Co-Founder and CEO of MaxAB, said of the company’s expansion and synergies with WaystoCap.
It’s really exciting to see this new super-team come together, combining a powerhouse of talent, technological know-how, on-the-ground infrastructure, improved supply chains, and WaystoCap’s great experience in the region.
WaystoCap and I have a long-standing and productive working relationship, and we have the same goal of re-engineering the traditional food and grocery industry to better support traditional retailers.”
“Morocco is an exciting and fast-growing market, and with the tremendous increase in government and investor support, the tech ecosystem in Africa and the Middle East is enabling entrepreneurs to build and create novel solutions for some of the region’s key day-to-day challenges,” said Niama El Bassunie, CEO and Founder of WaystoCap.
We’re ecstatic to be a part of the new all-star team being formed and headed by seasoned, forward-thinking entrepreneurs with the goal of becoming a regional market leader in food and grocery supply. We’re looking forward to maintaining our tight collaboration with our new staff and moving the company forward.”
MaxAB is entering the Maghreb market for the first time, and this strategic purchase will position the company as North Africa’s top B2B e-commerce platform for merchants and suppliers.
Morocco’s burgeoning digital cluster has enormous potential, and the purchase of WaystoCap allows MaxAB to become a truly global firm with a focused local strategy, putting the company on course to become the Middle East and Africa’s premier B2B retail and grocery platform.