Egypt’s MaxAB raises $6.2 mln expansion funding
Friday, 27 September 2019 16:53
MaxAB, an Egyptian online food and grocery platform, has raised $6.2 million from a group of local and foreign investors, Africa Business Communities reports.
Venture capital firm Beco Capital co-led this investment alongside 4DX Ventures, another venture capital firm based in Ghana and the United States. US Endure Capital, the venture capital company 500 Startups, the Moroccan investment firm Outlierz Ventures and other local investors have also committed their capital.
With these resources, MaxAB hopes to strengthen its activity in Egypt within the next two years and seek new markets on the continent. “This investment cycle will allow us to accelerate our growth plans and develop new products and services across North Africa using our e-commerce platform,” commented Belal El-Megharbel (pictured) co-founder and MD of MaxAB.
Chamberline Moko
Live News
-
Forty Years After Chernobyl, Uranium Market Rebounds but Fragility Persists
20:10
-
Guinea Launches AI Adoption Programme for 250 Companies With Microsoft
19:17
-
Orange pushes super app strategy, bets on Max it for growth in Africa, Middle East
18:27
-
Cameroon palm oil exports rise 17% in 2025 despite supply shortfall
18:17
-
Ghana Weighs Fuel Tax Adjustments as Pump Prices Rise
17:53
-
Nosy Iranja, a ribbon of sand between two worlds off the coast of Madagascar
16:46
-
Kenya Road Project Secures $550 Million World Bank Support to Improve Horn of Africa Trade
18:48
-
Gulf Transfers to Cameroon Rebound to CFA11.8 Billion but Remain Marginal
21:02
-
Douala Sets Aside CFA1.8 Billion to Compensate Residents for Wouri Riverside Road
20:59
-
Cameroon’s Banana Exports Jump 22% in March, Driven by PHP
20:56
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expan...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
Civil nuclear power has long been a source of controversy, but driven by the energy transition, it is gaining ground globally, reviving both expectations...
Ghana reviewing fuel taxes after recent pump price increases Minister says no decision yet; options include levy reductions Rising global oil prices...
World Bank to mobilize $550 million for Kenya road project Project to upgrade 508 km, boosting regional trade links Corridor to cut...
Egypt signs deal on $100 million dry port with EDECS, MEDLOG Facility aims to ease port congestion, shift freight from road to...
Nosy Iranja is one of the most iconic island destinations in northwestern Madagascar, lying in the Mozambique Channel about an hour and a half by boat...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...