Finance

Egypt’s MaxAB raises $6.2 mln expansion funding

Friday, 27 September 2019 16:53
Egypt’s MaxAB raises $6.2 mln expansion funding

(Ecofin Agency) - 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.

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