Maad, a B2B e-commerce startup based in Senegal, has recently secured $3.2 million in debt-equity funding to fuel its growth in the western African country and to explore new opportunities in the wider Francophone region. The seed round was led by Ventures Platform, with participation from Seedstars International Ventures, Reflect Ventures, Oui Capital, Launch Africa, Voltron Capital, and Alumni Ventures. Maad also raised $900,000 in debt financing from French DFI Proparco and local banks.
Founded in 2020 by Sidy Niang (CEO) and Jessica Long (COO), Maad initially started as a data collection provider before pivoting to develop software to help companies manage their internal distribution. The success of their software in addressing distribution challenges for FMCG suppliers led to the launch of their B2B e-commerce platform in September 2021.
The platform enables informal retailers to source FMCG directly from partner suppliers, eliminating issues like stockouts and high inventory costs. Customers can place orders through the app, call center, or field agents, with the majority of orders fulfilled from Maad’s warehouses using their in-house delivery service.
With 6,500 active retailers and a monthly GMV of $3 million, Maad has established itself as a key player in the market. The startup plans to expand its coverage to remote areas in Senegal and aims to enter new markets within the Francophone region by the end of the year. Additionally, Maad intends to introduce a buy now, pay later service to help shop owners access inventory on credit.
Despite challenges faced by B2B e-commerce businesses in Africa, Maad’s innovative approach and focus on customer service have positioned them for success in the region. Their strategic partnerships with suppliers and commitment to meeting the needs of informal retailers have set them apart in the competitive market.