Senegal's Maad Secures $3.2M Seed Funding to Drive Expansion and Product Launches 🇸🇳
Senegalese logistics startup Maad has secured $3.2 million in seed funding to enhance its market reach and introduce new products. Maad connects suppliers and small retailers of fast-moving consumer goods (FMCG), offering a tech-driven solution that includes reliable delivery, competitive prices, and working capital loans. The platform also provides valuable services to brands, such as data analytics, software, and market insights.
Maad’s funding highlights:
- Total Seed Round: $3.2 million (equity and debt)
- Lead Investors: Ventures Platform, Seedstars International Ventures, Reflect Ventures, OuiCapital, Launch Africa, Voltron Capital, and Alumni Ventures
- Debt Financing: Proparco and local banks
Key Achievements:
- Partnerships with over 80 suppliers
- Catalog of 1,000+ SKUs of household brands
- Monthly GMV of $3 million
- Near breakeven operation
Expansion Plans:
- Strengthen presence in Senegal
- Launch financial services like "buy now, pay later"
- Enter a second Francophone African country
Quote from Maad’s CEO, Sidy Niang: “Maad benefits from a clear first-mover advantage in Sub-Saharan Francophone Africa. We are well-positioned to maintain our leadership and continue driving transformation in this underserved market.”
Quote from Ventures Platform’s Managing Partner, Dotun Oloworopoku: “Maad’s innovative approach to digitizing the informal retail sector in Francophone Africa has the potential to create a significant impact on the lives of small business owners and consumers.”
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