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Startups

Wasoko Founder Daniel Yu Steps Back From Full-Time Role After MaxAB Merger

Daniel Yu, founder of African B2B e-commerce company Wasoko, has stepped away from a full-time role at the firm, more than a year after its merger with Egyptian peer MaxAB. Yu launched Wasoko in 2014 with the goal of digitizing...

Startups

MaxAB-Wasoko Acquires Fatura to Bolster its Pan-African E-Commerce Ambition

MaxAB-Wasoko, Africa's retail e-commerce and supply chain super app, has acquired Fatura, an Egypt-based B2B e-marketplace, from EFG Finance, a subsidiary of EFG Holding to consolidate the B2B commerce and fintech landscape across the continent. As part of the...

Startups

Wasoko & MaxAB complete merger to disrupt eCommerce in Africa

Wasoko and MaxAB have completed their merger in an all-stock transaction to establish a Pan-African platform for communities to access essential digital and physical goods. Wasoko and MaxAB’s newly-formed entity boasts the continent’s largest network of B2B informal retailers of more than 450,000...

Startups

Kenya’s Wasoko & Egypt’s MaxAB in merger talks to establish one of the biggest digital retail platform in Africa

Wasoko and MaxAB, two of Africa's most prominent e-commerce companies, announced today that they have signed preliminary merger terms to join together as a combined entity to drive the transformation of Africa’s informal retail sector. This merger-of-equals will bolster...

Startups

MaxAB, Egyptian food & grocery platform, raises $40m to fuel its expansion across the MENAP region

MaxAB, the food and grocery B2B e-commerce and distribution platform, serving a network of traditional retailers across Egypt and Morocco, has closed a $40m pre-series B equity round to fuel its expansion across the MENAP region, a year after raising...

Startups

Egypt’s MaxAB acquires Morocco’s WaystoCap after securing $15 million in additional funding.

MaxAB, an Egyptian retail-tech startup, has acquired Moroccan counterpart WaystoCap as it plans to expand into the Maghreb region after raising an additional US$15 million in a Series A round last month. MaxAB is a B2B e-commerce platform that connects...

Tech

MaxAB, Egypt’s wholesale food & grocery ordering platform raises $40M to expand across the MENA region

MaxAB, Egypt's B2B wholesale food and grocery ordering platform raises $40M in a Series A round to expand it’s physical footprint across the MENA region, following its expansion to every key city in Egypt by the end of 2021....

Startups

Kenya’s Sokowatch, Asoko Insight, WaystoCap, TousFacteurs & MaxAB raise funding from Morocco-based Outlierz Ventures

Morocco-based Outlierz Ventures, an early-stage VC fund backed by private investors from Silicon Valley, Middle East and Africa has made five investments in fast growing tech-enabled companies across five different markets. The startups include, Morocco's WaystoCap, Kenya's Sokowatch,...

Startups

Mimi Alemayehou & Kurankye Sekyi-Otu Join 4DX Ventures As New Senior Advisors

Mimi Alemayehou and Kurankye Sekyi-Otu have been appointed as Senior Advisors at 4DX Ventures, an early stage pan-Africa venture capital firm to scale its platform and deepen its impact across the continent. Mimi Alemayehou has held global executive roles at...

Business

Multinational African Enterprises

Multinational African Enterprises such as Ecobank Transnational Incorporated (ETI) and MTN Group By Eric Osiakwan and Yaw Owusu Ecobank Transnational Incorporated (ETI), better known as Ecobank is a multinational African enterprise in the banking sector started in Lome, Togo with current...

Startups

Kenya to host second Angel Fair Africa

Eric Osiakwan Since Nairobi, Kenya was officially announced as host city for the 11th Angel Fair Africa (AFA@11), scheduled for November 7-8, 2024, some entrepreneurs and investors from neighboring African countries have wondered why and how Nairobi earned the right...

Startups

African E-commerce Wasoko marked down to $260M after investor adjusts investment

Swedish investment firm VNV Global, which supports startups in sectors like mobility, health, and marketplaces, recently adjusted the valuation of its investment in Wasoko, an African B2B e-commerce startup, downward by 48%. Launched in Kenya in 2014 by Daniel Yu, the B2B grocery...

Business

IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health...

Tech

Kenyan Court Halts Wasoko Layoffs Ahead of Merger, Employees Seek Clarity

A Kenyan court has temporarily blocked online retailer Wasoko from laying off nine employees, throwing a wrench into their planned merger with Egyptian firm MaxAB Limited. The nine employees, who deal with fast-moving consumer goods, argue that the company initiated...

MENA Edition

Egypt’s Buguard raises $500,000 Seed round to grow its team

Egypt-based cybersecurity startup Buguard has raised a $500,000 Seed funding round, led by A15, the MENA venture capital firm that backs early-stage startups in the region, with participation from angel investors. The capital which is Buguard’s first external funding since its launch...

Tech

Eden Care selected for the prestigious Y Combinator summer 2023 batch

Eden Care, a Rwandan insurtech startup is the sole African company confirmed as a participant in the S23 batch of the iconic Silicon Valley-based Y Combinator accelerator. The venture which was founded in 2021 offers affordable, accessible and personalised health...

Startups

US-based Practical VC invests in Egypt’s EXITS MENA to empower startups

US-based venture capital Practical VC has invested in Egypt’s EXITS MENA (Exits.ME), an M&A advisory firm and investment platform. Although the specific investment amount remains undisclosed, the total capital raised to date has reached an impressive milestone of $1,250,000. The investment...

Startups

Egypt’s fintech MNT-Halan secures $400 million at valuation of $1 billion

Egyptian fintech and e-commerce ecosystem MNT-Halan has secured up to $400 million in equity and debt financing from local and global investors as it continues to serve underbanked and unbanked customers in the North African country. The round includes $260...

Business

500 Global partners with Egypt’s ITIDA to launch support programmes for local startups

500 Global, a US-based venture capital firm, is partnering with the Egyptian IT Industry Development Agency (ITIDA) to bring a range of programs to Cairo with the strategic aim of boosting the country’s evolving startup ecosystem. 500 Global will...

Business

Corner Shops reap big against Big Box stores in emerging markets in 2022- Report

Global fintech investor Flourish Ventures has released a new research report showing that corner shops are doing better than predicted despite protracted supply chain issues and big-box and online retail competitors. The study confirmed better-than-expected sales and that 94...

Startups

Egypt-based Endure Capital closes first round of $50 million fund

Egypt-based Endure Capital has announced that it has completed the first close of its new $50 million fund to invest in early-stage startups in pan-Africa. The fund, Endure 21, is Endure Capital’s second early-stage venture capital fund and will focus its...

Startups

Namibian B2B e-commerce retail platform JABU raises $15M Series A funding for expansion.

JABU, a Namibian B2B e-commerce retail platform, has secured $15 million in Series A funding led Tiger Global. Tiger Global is making its second investment in the B2B e-commerce industry after backing Wasoko in its mega Series B round. It's also...

Startups

Sokowatch raises $125M, launches in West Africa & rebrands to Wasoko

Sokowatch, the informal retail supply chain startup has closed a $125 million Series B equity round, officially launched in Abidjan, Côte d'Ivoire and Dakar, Senegal and rebranded to Wasoko, Swahili for 'the market people" as it pursues product growth...

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