Wasoko and MaxAB, two prominent African e-commerce companies, have agreed to merge, marking a significant move to enhance the transformation of Africa’s informal retail sector. This merger aims to create a powerhouse digital retail platform spanning eight countries and serving over 450,000 merchants, reaching an estimated 65+ million consumers with essential goods. The strength of this union lies not just in their B2B e-commerce, but also in integrated payment solutions, merchant financing, and proprietary logistics operations.
Wasoko founded by Daniel Yu, is backed by investors such as Tiger Global Management, Avenir and Quona Capital while MaxAB, founded by Belal, Omar and Ben Halim, is backed by notable investors including Silver Lake, British International Investment, ADQ and BECO Capital.
The VCL team working on this transaction includes Saman Sadeghi, Tom Mitchell, Ruby Pickup and Robin de Meester.
For more information about this deal, you can visit the following links:
Techcrunch:
https://lnkd.in/e8aYMWAU
Bloomberg:
https://lnkd.in/eKbNpip9
