Maalexi, an UAE-based dynamic risk management platform for SME agri-businesses, announces its completion of a $3 million pre-Series A fund raise.
The funding round was led exclusively by Global Ventures – MENA’s leading venture capital firm – which joins existing venture capital investors Rockstart (Amsterdam) and Ankurit Capital (New Delhi).
The proceeds will be deployed by Maalexi for: tech development – to enhance its full-stack platform to help SME agri-buyers procure faster, cheaper, and safer from globally placed SME sellers; and to drive customer acquisition – specifically more buyers in the UAE and Saudi Arabia and to add sellers from 50+ origin countries.
Maalexi’s platform helps the millions of small agri-businesses active in the $3 trillion global, cross-border food trading market. Despite the market growing at 6% CAGR in the last five years – such businesses often suffer from an inability to manage trade risks, and get access to finance.
Maalexi’s proprietary technology has embedded risk management tools such as digital contracts, AI enhanced inspections, and blockchain-authenticated documentation – all on a user-friendly web platform. Maalexi’s solution increases participation and automates trade – leading to higher customer revenues, more bankability, and more sustainable enterprises.
Dr. Azam Pasha, co-founder and CEO of Maalexi, said:
“We are delighted to complete our $3 million pre-Series A round – with the exclusive participation of MENA’s leading VC firm – Global Ventures. It is a very exciting time for Maalexi; we have a huge market opportunity which we know needs our solution – a proprietary automated process that makes life easier and more lucrative for SME agri-buyers and sellers. The per-transaction costs of our platform are very low, and we enable safer, faster trades cross-border.
“At the same time, we are strengthening food security in our home country and region. We look forward to 2024, and our regional expansion, with great confidence.”
Featured image credit: Dr. Azam Pasha, co-founder and CEO of Maalexi
