E-Commerce Fixer for Egypt Mom-and-Pop Stores Gets Funds to Grow

An Egyptian e-commerce business linking traditional retailers with suppliers of products such as food and groceries plans to expand in North Africa and the Gulf after an early-stage funding round.

Cairo-based MaxAB raised $40 million from RMBV and seven others including the International Finance Corp. and Flourish Ventures, according to a statement on Monday. It plans to use the proceeds to help extend its operations to all of Egypt’s major cities by year-end, co-founder Belal El-Megharbel said in an interview.