Merger elevates Wasoko-Maxab to a $526 million valuation, according to VNV Global.
In August 2024, the merger between African B2B ecommerce platforms Wasoko and Maxab was finalised, creating a unified platform serving over 450,000 merchants across Kenya, Tanzania, Rwanda, Egypt, and Morocco.
The merger has significant implications for the investors involved. VNV Global, an investor in Wasoko, now holds a 2.4% stake in the combined entity, valuing its position at $12.6 million. This is a decrease from its previous 4.1% stake in Wasoko, which was valued at $14.2 million prior to the merger.
The valuation of the combined entity is based on a revenue multiple of 2.6, derived from listed peers. This places the company at a total valuation of $526 million, according to VNV Global's latest financial report.
Maxab, headquartered in Cairo, raised $40 million in its last round, a pre-Series B in 2022. Wasoko, based in Nairobi, secured $125 million in its Series B round the same year, at a valuation of $625 million.
As of now, there is no publicly available information about Maxab co-founder and COO Mohamed Ben Halim leaving the merged Wasoko and Maxab company in August 2024. If this departure occurred recently, details might not have been widely reported yet. For the most accurate updates, it is recommended to check the latest news outlets or official company statements.
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