Connect with us


Maad secures $3.2m debt-equity funding to bolster growth



A $3.2 million debt-equity investment round has been obtained by Senegalese B2B e-commerce startup Maad in order to support the company’s expansion within the country and investigate new prospects in the Francophone region of West Africa.

Seedstars International Ventures, Oui Capital, Launch Africa, Reflect Ventures, Voltron Capital, and Alumni Ventures were among the investors in the seed round headed by Ventures Platform. From local banks and the French DFI Proparco, it raised $900,000 loan finance.

With Maad’s end-to-end distribution infrastructure, mom-and-pop shops and other informal retailers can purchase fast-moving consumer goods (FMCG) directly from partner suppliers, resolving major challenges such as stockouts and the high cost of inventory brought on by numerous levels of dealers.

READ ALSO:Elon Musk’s X backs lawsuit against former founder Jack Dorsey

Maad was founded in 2020 by CEO Sidy Niang and COO Jessica Long. Originally, the company offered data collection services but then changed its focus to developing software that assisted businesses in managing internal distribution.

The B2B e-commerce company was introduced in September 2021, motivated by the way FMCG suppliers used the software to address distribution issues.

“Watching our clients use our software for their own distribution was what inspired us. The software was providing a lot of value, and we could imagine much more value if we put all the products that small shops buy on the same platform,” Niang told TechCrunch.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

3 × two =