Egypt’s MaxAB acquires Morocco’s WaystoCap and attracts US$15m investment
Egyptian B2B e-commerce platform MaxAB has acquired WaystoCap, the Morocco-based B2B e-commerce and distribution platform that connects retailers with suppliers across Africa.
According to a statement released to the media, the acquisition will see MaxAB accelerate its expansion into the Maghreb market, empowered by WaystoCap’s expertise in the region.
MaxAB has also confirmed an additional US$15-million investment from existing investors, as it closes its Series A, which brings the total capital raised by the e-commerce leader to more than US$60-million.
WaystoCap was founded in 2017 to connect retailers with suppliers and was the first Moroccan start-up to join Y Combinator. It is said to have a network of 8,000 retailers and established a presence in West African cities.
Launched in 2018, MaxAB serves a network of traditional retailers across Egypt. The company’s technology-based transformative supply chain model allows it to offer retailers the simplicity of dealing with one supplier, transparent pricing, on-demand delivery, and a range of value-added services.
The companies say that retailers and suppliers served by both companies will now benefit from MaxAB’s technology, expanded end-to-end supply chain solutions and business intelligence tools as well as WaystoCap’s knowledge and expertise.
MaxAB’s acquisition will now see more than 70,000 retailers supplied with essential food and groceries across multiple markets.
Commenting on MaxAB’s expansion and the synergies with WaystoCap, Belal El-Megharbel, Co-Founder and CEO at MaxAB, says: “We are about to take the food and grocery industry to another level in North Africa. The creation of this new super-team, combining a powerhouse of talent, technological know-how, on the ground infrastructure, boosted supply chains and WaystoCap’s phenomenal experience of the region is very exciting. We have a long-standing and excellent working relationship with WaystoCap and share a common vision to re-engineer 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 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 key day to day challenges faced in the region. We are thrilled to play a pivotal role in the new all-star team being created and led by experienced, innovative entrepreneurs to establish a regional market leader in food and grocery supply. We are looking forward to continuing our close working relationship with our new team and taking the business to its next phase.”
The Maghreb market is new territory for MaxAB and the company believes the acquisition will position the expanded team “to be North Africa's leading B2B ecommerce platform for retailers and suppliers.”