Maad, a Dakar, Senegal-based B2B e-commerce startup, has secured $3.2 million in seed funding. 

Investors

The round was led by Ventures Platform, with participation from Seedstars International Ventures, Reflect Ventures, Oui Capital, Launch Africa, Voltron Capital, and Alumni Ventures. Additionally, the company raised $900,000 in debt financing from French DFI Proparco and local banks. 

Founded in 2015, Ventures Platform is a venture capital firm based in Abuja, Nigeria. The firm seeks to invest in technology companies in Africa. 

Maad Use of Funds

The company will use the funding to bolster its growth within Senegal, expand its coverage to include remote areas and enter new markets within the Francophone region by the end of the year. Additionally, Maad plans to introduce a buy now, pay later (BNPL) service to enable shop owners to access inventory on credit. 

About Maad

Founded in 2020 by Sidy Niang and Jessica Long, Maad initially operated as a data collection provider before pivoting to building software to help companies manage their internal distribution. The company provides a B2B e-commerce platform intended for small retailers and FMCG (Fast-Moving Consumer Goods) brands. Its end-to-end distribution platform enables informal retailers to source fast-moving consumer goods directly from partner suppliers. The company serves 6,500 active retailers through its network of 80 suppliers. 

Funding Details     

Company: Maad SAS  

Raised: $3.2M  

Round: Seed Round    

Funding Month: May 2024      

Lead Investors: Ventures Platform    

Additional Investors: Seedstars International Ventures, Reflect Ventures, Oui Capital, Launch Africa, Voltron Capital, Alumni Ventures, French DFI Proparco, local banks  

Company Website: https://maad.io/    

Software Category: B2B Ecommerce  

Source: https://techcrunch.com/2024/05/13/maad-raises-3-2-seed-fundin/