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Senegal’s Maad Raises $3.2 Million to a Launch Buy Now, Pay Later Option & Expand in Francophone Africa

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Maad, the Senegal-based tech & logistics platform for informal retailers has completed $3.2 million seed funding to further expand across & dominate the Senegalese market, introduce financial services such as Buy Now, Pay Later through a digital wallet, and launch in a second country in Francophone Africa.

The debt and equity round was led by Ventures Platform, with participation from Seedstars International Ventures, Reflect Ventures, OuiCapital, Launch Africa, Voltron Capital & Alumni Ventures. Proparco and local banks participated in the debt financing.

According to Sidy Niang, Co-founder & CEO of Maad, “We often say this is a blue ocean. As the fastest-growing player in the region, we are well-positioned to maintain our leadership and continue driving transformation in this underserved market.”

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Dotun Oloworopoku, Managing Partner at Ventures Platform agrees with Niang. “Maad’s innovative approach to digitizing the informal retail sector in Francophone Africa has the potential to create a significant impact on the lives of small business owners and consumers.”

The firm connects suppliers and small retailers of Fast Moving Consumer Goods (FMCG) and offer them additional high-value services to brands: data, software, and services for advertising, distribution, and market understanding. Maad currently operates in Senegal and where it has partnered with more than 80 suppliers, offering a catalog of over 1,000 SKUs of household brands, and reaching a monthly GMV of $3 million, while operating near breakeven.

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On a mission to transform the retail landscape in Francophone Africa, where 80% to 95% of consumption still takes place in informal mom-and-pop shops, Maad’s founding team brings a wealth of experience and expertise to the table. Jessica Long, Co-founder & COO, focused on Operations Excellence & Technology, was the 15th employee at Airbnb and has been living in Senegal for over 7 years, designing digital distribution systems nationwide. Sidy Niang, is focused on Growth, Hiring & Fundraising, has over 4 years of experience in private equity and infrastructure investments with the IFC (International Finance Corporation) and previously co-founded a food delivery company.

Maad’s unique positioning, sustainable business model, and ability to secure funding during a challenging climate for B2B e-commerce startups demonstrate the company’s potential to drive significant transformation across Sub-Saharan Francophone Africa’s retail landscape.

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Charlie Graham-Brown, Seedstars International Ventures Partner shared, “What sets Maad apart is their ability to navigate the complexities of the informal retail sector while maintaining a sustainable business model. Their focus on profitability and efficient use of capital, combined with their first-mover advantage in a largely untapped market, makes them an attractive investment opportunity. We believe that Maad has the potential to drive significant economic impact and create lasting positive change in the lives of retailers and consumers across the region.”

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James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

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