Ecommerce News

Egyptian B2B eCommerce Platform SPEED Acquired by X-ERA


The UAE-based logistics tech company X-ERA has completed its takeover of the Egyptian business-to-business (B2B) eCommerce platform SPEED, Martechvibe reported Thursday (Nov. 10).

The Emirati logistics firm will now retool the SPEED platform to create a better user experience for its customers, mostly small and medium-sized grocery retailers. X-ERA is planning to develop the technology and expand the platform, per the report.

“Through the re-launch, the SPEED app would get a new branding and identity, enhancing its USP for the small and medium-sized grocery store owners it serves” X-ERA CEO Mahmoud El-Enani stated.

Last month, another Egyptian B2B eCommerce marketplace for small grocery retailers, MaxAB, closed a $40 million pre-series B funding round to fuel its expansion across the Middle East, North Africa and Pakistan (MENAP) region.

Read on: B2B Marketplace MaxAB Raises $40M for MENAP Expansion

Commenting on the raise, Belal El-Megharbel, the CEO and co-founder of MaxAB, said: “Within just four years of operations, we have been able to re-engineer the informal food and grocery market in Egypt and Morocco.

“We are excited about venturing into the next stage of the MaxAB journey, which is further consolidation of the informal grocery sector, heavy focus and investments in FinTech and replicating our success in new markets to grow beyond borders,” he added.

With a presence in the major cities of Egypt and Casablanca in Morocco, MaxAB said in a press release that it plans to expand its coverage in Morocco and branch into Saudi Arabia by the end of 2023.

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https://www.pymnts.com/news/investment-tracker/2022/egyptian-digital-lender-blnk-raises-32-million-dollars/partial/



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