- Wasoko and MaxAB, an African eCommerce powerhouse, have appointed Mo Elshenawy, the President and Chief Technology Officer (CTO) of US self-driving car company Cruise, as an Independent Board Director and Technical Advisor, in a bold move to solidify their tech-driven growth.
- Following their landmark merger in August 2024, which set the combined entity’s valuation at over $500 million, Wasoko and MaxAB are advancing toward becoming a multi-service digital platform for small retailers across Africa and the Middle East.
- Elshenawy, who brings extensive experience from his work with autonomous vehicle technology at Cruise, will be pivotal in scaling Wasoko and MaxAB’s technological capabilities.
Elshenawy’s focus will centre on advancing AI-powered tools to optimise pricing, inventory selection, and route logistics, a move aimed at driving efficiencies in the informal retail sector.
“As an Egyptian-American, I feel deeply connected to this mission and the platform’s potential — not only to drive transformative impact within Africa but also to establish a powerful presence on the global stage,” Elshenawy stated.
Wasoko and MaxAB first outlined their shared vision with TechCabal, highlighting ambitions to diversify their offerings beyond traditional eCommerce.
By leveraging Elshenawy’s tech experience, the merged company aims to launch a “super app” that provides a wide array of digital solutions, including mobile top-ups, e-payment options, and credit services, all features tailored to the needs of informal retailers in Africa and the Middle East.
The 2024 merger came after a series of challenging years for both companies. MaxAB closed a $40 million pre-Series B round in 2022, and Wasoko, once valued at $625 million after a $125 million Series B round, faced a significant drop in valuation to $260 million in 2023 due to shrinking sales.
However, the August 2024 merger has helped the companies reclaim substantial value, with VNV Global, a prominent investor with a 2.4% stake in the joint entity, reporting a valuation of over $500 million.
This increase reflects the combined companies’ potential to capture more market share in the estimated $2 trillion informal retail market across Africa and the Middle East.
With over $230 million raised collectively before the merger, the entity now benefits from an extensive network of investors eager to back its ambitious roadmap.
By harnessing advanced AI and machine learning, Wasoko and MaxAB are poised to transform how small-scale retailers across the continent access essential goods, financial services, and digital tools, signalling a new era in the region’s retail tech landscape.
Editor’s note: An earlier version of this article identified Mo Elshenawy as ex President and CTO of Cruise. This was inaccurate, as Elshenawy continues to hold both positions.
