Maad Raises $3.2M to Fuel Expansion Across Francophone African Markets

Maad, a Senegal-based B2B e-commerce platform, has secured $3.2 million in debt-equity funding to accelerate its growth within Senegal and penetrate new markets across the wider Francophone region of Africa.

Led by Ventures Platform and joined by investors such as Seedstars International Ventures, Reflect Ventures, Oui Capital, Launch Africa, Voltron Capital, and Alumni Ventures, the seed round also saw participation from French DFI Proparco and local banks, contributing $900,000 in debt financing.

Founded in 2020 by CEO Sidy Niang and COO Jessica Long, Maad initially operated as a data collection provider before transitioning into developing software to aid companies in managing their internal distribution processes.

The startup's observation of FMCG suppliers utilizing their software to tackle distribution challenges served as the impetus for launching its B2B e-commerce platform in September 2021.

Maad's end-to-end distribution platform targets informal retailers, facilitating direct sourcing of fast-moving consumer goods (FMCG) from partner suppliers.

This approach addresses prevalent issues encountered by these retailers, such as stockouts and high inventory costs resulting from multiple layers of dealers.

CEO Sidy Niang, reflecting on the startup's evolution, stated, "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."

Customers access Maad's platform through various channels, including its call center, field agents, and app, which accounts for 75% of orders.

Fulfillment is managed through the startup's warehouses and in-house delivery service, ensuring cost-effectiveness and consistency in service delivery.

Source: Annie Njanja / TechCrunch