Maad Secures $3.2 Million Seed Funding Round for B2B E-Commerce Platform
Maad, a B2B e-commerce platform for informal retailers in Senegal, has recently secured a $3.2 million seed funding round to fuel its growth and explore new opportunities in the Francophone region. The funding round was led by Ventures Platform and included investors such as Alumni Ventures, Oui Capital, Launch Africa, Voltron Capital, Reflect Ventures, and Seedstars International Ventures. Additionally, Maad raised $900,000 in debt financing from French DFI Proparco and local banks.
Founded by Sidy Niang and Jessica Long in 2020, Maad initially started as a data collection provider before pivoting to a software platform that helps companies manage their internal distribution. The success of their software in addressing distribution challenges for FMCG suppliers inspired the launch of the B2B e-commerce business in September 2021.
Maad’s platform allows informal retailers to source fast-moving consumer goods directly from partner suppliers, eliminating issues such as stockouts and high inventory costs. Customers can place orders through the startup’s call center, field agents, or app, with the majority of orders (75%) coming through the app. Maad fulfills orders from its warehouses using its in-house delivery service to ensure cost-effectiveness and service consistency.
Currently operating in Senegal, Maad serves 6,500 active retailers through its network of 80 suppliers, offering over 1,000 household brand stock-keeping units (SKUs) with a monthly GMV of $3 million. The startup’s close partnerships with suppliers allow for exclusive access to products and competitive pricing, attracting informal retailers who play a crucial role in household retail in sub-Saharan Africa.
Looking ahead, Maad plans to expand its coverage to remote areas within Senegal and enter new markets in the Francophone region. The startup also aims to introduce a buy now, pay later (BNPL) service to help shop owners access inventory on credit. With its innovative approach to B2B e-commerce, Maad is poised for further growth and impact in the region.