Senegalese logistics platform for informal retailers Maad has raised US$3.2 million in seed funding to expand domestically and internationally, and launch new products.
Maad directly connects suppliers and small retailers of fast-moving consumer goods (FMCG), with its tech-driven solution allowing retailers to order products from a one-stop shop, with reliable delivery, competitive prices while benefiting from working capital loans.
The platform leverages this distribution infrastructure to offer additional high-value services to brands – data, software, and services for advertising, distribution, and market understanding.
Maad’s US$3.2 million seed round, which is made up of both equity and debt, was led by Ventures Platform, with participation from Seedstars International Ventures, Reflect Ventures, OuiCapital, Launch Africa, Voltron Capital, and Alumni Ventures. Proparco and local banks participated in the debt financing.
“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.
The company has already achieved significant milestones, including partnering with more than 80 suppliers, offering a catalog of over 1,000 SKUs of household brands, and reaching a monthly GMV of US$3 million, while operating near breakeven. Maad plans to use the funds to further expand across and dominate the Senegalese market, introduce financial services such as “buy now, pay later” through a digital wallet, and launch in a second country in Francophone Africa.
“Maad’s innovative approach to digitising the informal retail sector in Francophone Africa has the potential to create a significant impact on 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.”
