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(Ecofin Agency) – The Senegalese B2B marketplace, operating since 2021, wants to use the funds to finance its growth projects.
Maad, a Senegalese marketplace that connects small merchants with FMCG brands, secured €200,000 ($219,000) in financing from Proparco on Friday, June 16.
The resource will help the young company, founded in 2021, to anchor its activity in Senegal, its main operating market while seeking new opportunities in other African countries.
“This financing will support the strong deployment of Maad’s solution in Senegal where it is already used by over 5,000 merchants, its expansion into other French-speaking African countries, and the development of new offers for small retailers,” Proparco indicated in a release.
The financial support was granted through the Bridge Fund, a financial instrument supported by Digital Africa and deployed by Proparco, to support young innovative African companies experiencing financial difficulties as a result of Covid-19. This investment vehicle provides loans of between €200,000 and €600,000, repayable within 24 months.
With the support of Proparco and Digital Africa, Maad will step up its retail operations. The company will also expand its sourcing services to additional retailers while developing its portfolio of financing tools for small retailers and suppliers.
Maad claims annual sales of $15 million and 20% monthly growth.
Chamberline Moko
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