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Global Ventures, MENA’s leading venture capital firm, spearheads a $3 million investment in Maalexi, a dynamic risk management platform tailored for SME agri-businesses.
The pre-series A funding round also witnesses participation from existing venture capital investors Rockstart (Amsterdam) and Ankurit Capital (New Delhi).
Strategic Allocation for Platform Enhancement and Expansion
Maalexi plans to deploy the latest funding to bolster its full-stack platform strategically. The objective is to streamline and fortify procurement processes for SME agri-buyers, enabling more efficient, cost-effective, and secure transactions with SME sellers across the globe.
The company aims to focus on customer acquisition, targeting an increased buyer base in the UAE and Saudi Arabia while expanding its seller network across more than 50 origin countries.
Revolutionizing Agri-Business Trade
Operating in the $3 trillion global, cross-border food trading market, Maalexi addresses challenges small agri-businesses face, including trade risks and limited access to finance.
The platform uses proprietary technology to incorporate digital contracts, AI-enhanced inspections, and blockchain-authenticated documentation within a user-friendly web interface. This innovation enhances participation and automates trade processes, leading to elevated customer revenues and more sustainable enterprises.
Exponential Growth and Positive Impact
In 2023, Maalexi showcased remarkable growth, boasting a Cumulative Monthly Growth Rate of 60%. The platform attracted hundreds of users and facilitated procuring millions of kilograms of food supplies, spanning 70 products from 27 countries.
According to Fintech Global, this substantial contribution has played a vital role in building resilience in the food supply chain and strengthening food security in the UAE and the GCC region.
Dr. Azam Pasha, co-founder and CEO of Maalexi, expressed enthusiasm about the funding round and the company’s prospects in 2024. “We look forward to 2024, and our regional expansion, with great confidence,” Dr. Pasha said.
According to Bnn Breaking, the leadership team, including Rohit Majhi, the CTO, brings a wealth of experience in food and agricultural supply-chain management, trade finance, and technology, positioning Maalexi for continued success in the evolving agri-business landscape.
Photo: Campaign Creators/Unsplash
