Kenya’s Wasoko and Egypt’s MaxAB, two leading B2B e-commerce companies in Africa, have revealed their plans to merge and work as one entity.
Wasoko, previously known as Sokowatch, recently closed a $125 million Series B equity round, offering retailers a mobile app for easy product restocking with free same-day delivery across multiple African countries.
MaxAB, established in 2018, focuses on aiding local underserved merchants in Egypt and Morocco, having closed a $40 million pre-Series B equity round in October 2022.
Despite challenges in fundraising across Africa, the companies are opting for a “merger-of-equals” to strengthen their growth and contribute to the most successful digital retail platform on the continent.
The specific details, such as the new entity’s name and share distribution, are yet to be disclosed.
MaxAB CEO Belal El-Megharbel expressed confidence in the merger, emphasising the potential to unlock Africa’s informal retail sector through technology-enabled services in e-commerce, fintech, and logistics.
Wasoko CEO Daniel Yu highlighted the merger as a significant step towards realising their pan-African vision, connecting consumers with essential products and empowering businesses.
The combined strengths of the two companies aim to create a remarkable partnership for future expansion.
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