African B2B ecommerce platforms Wasoko and Maxab are valued at $526 million following their merger completion in August 2024, in line with VNV World’s newest monetary report.
VNV World, an investor in Wasoko, holds a 2.4% stake within the mixed entity, valuing its place at $12.6 million based mostly on a income a number of of two.6 derived from listed friends.
Previous to the merger, VNV World held a 4.1% stake in Wasoko, valued at $14.2 million, suggesting a $346 million valuation for Wasoko alone.
The merger, introduced in December 2023, created a unified platform serving 450,000 retailers throughout Kenya, Tanzania, Rwanda, Egypt, and Morocco.
The businesses have raised over $230 million collectively, with their final rounds in 2022: Cairo-headquartered Maxab’s $40 million pre-Collection B and Nairobi-headquartered Wasoko’s $125 million Collection B at a $625 million valuation.
The merged firm not too long ago noticed the departure of Maxab co-founder and COO Mohamed Ben Halim, who left two months after the merger completion.
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