Senegalese logistics platform Maad, dedicated to supporting informal retailers, has successfully raised a substantial $3.2 million in seed funding. This significant financial boost will not only fuel Maad’s domestic and international expansion but also pave the way for the introduction of new products, underlining our commitment to continuous innovation and growth.
Maad stands out in the market by connecting suppliers with small retailers of fast-moving consumer goods (FMCG) through a tech-driven solution that allows retailers to order products from a one-stop shop. Our platform offers not just reliable delivery and competitive prices, but also working capital loans, a unique offering that enhances the efficiency and profitability of small retailers, setting us apart from the competition.
In addition to its core logistics services, Maad leverages its distribution infrastructure to provide brands with valuable data, software, and services for advertising, distribution, and market insights. This comprehensive approach helps brands better understand and penetrate the market.
Ventures Platform led the $3.2 million seed round, which included equity and debt financing. Other participants included Seedstars International Ventures, Reflect Ventures, OuiCapital, Launch Africa, Voltron Capital, and Alumni Ventures. Debt financing came from Proparco and local banks.
“Among startups operating in this space, Maad benefits from a clear first-mover advantage in Sub-Saharan Francophone Africa. We often say this is a blue ocean. As the fastest-growing player in the region, we are well-positioned to maintain our leadership and continue driving transformation in this underserved market,” said Sidy Niang, co-founder and CEO of Maad.
Maad has already made significant strides, including forging partnerships with over 80 suppliers, offering a diverse catalogue of more than 1,000 SKUs of household brands, and reaching a monthly gross merchandise value (GMV) of $3 million. These achievements and our breakeven operation are a testament to our resilience and potential for further growth.
With the new funding, Maad plans to solidify its presence in the Senegalese market further, introduce financial services such as “buy now, pay later” through a digital wallet, and expand into a second country in Francophone Africa.
“Maad’s innovative approach to digitizing the informal retail sector in Francophone Africa has the potential to impact the lives of small business owners and consumers,” said Dotun Oloworopoku, managing partner at Ventures Platform. “We are thrilled to lead this investment round and support the Maad team as they work towards building a more efficient and inclusive retail ecosystem in the region.”
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