Egypt’s B2B food and grocery delivery startup, MaxAB, has raised $40 million in its Series A funding round, bringing the company’s total investment to date to $46.2 million.
Investors who took part in the funding round include impact investor RMBV, the IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, Endeavour Catalyst, Beco Capital, and 4DX Ventures.
The firm says it will use the funding to expand its physical footprint across the Middle East and North Africa. It is also planning to hire more talent and scale its recently launched business verticals, including new supply chains and embedded finance solutions.
The new development is accompanying a period of growth the company experienced in the last two years where it now services more than 55,000 merchants and delivers over 2,000 unique products.
MaxAB’s platform manages procurement and grocery delivery to shops in Egypt. Store owners can use the platform to purchase goods, request delivery or logistics to move the goods, and access a customer support team.
In September 2019, the firm raised $6 million in a seed investment funding round.