Wasoko and MaxAB, two leading eCommerce giants in Africa, have made a strategic decision to appoint Mo Elshenawy, the President and Chief Technology Officer (CTO) of the US-based self-driving car company Cruise, as an Independent Board Director and Technical Advisor. This bold move aims to strengthen their technology-driven growth initiatives.
Following their landmark merger in August 2024, which resulted in a combined valuation exceeding $500 million, Wasoko and MaxAB are on a path to becoming a comprehensive digital platform catering to small retailers across Africa and the Middle East. Elshenawy, with his extensive background in autonomous vehicle technology from his tenure at Cruise, is expected to play a crucial role in enhancing the technological capabilities of the merged entity.
Elshenawy’s primary focus will be on developing AI-powered tools designed to optimize pricing, inventory selection, and route logistics. These advancements are intended to drive efficiencies within the informal retail sector, which is a significant market in the regions they serve.
Expressing his enthusiasm for the new role, Elshenawy stated;
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.
In an interview, Wasoko and MaxAB shared their vision of expanding their services beyond traditional eCommerce. By leveraging Elshenawy’s technological expertise, the merged company plans to launch a “super app” that will offer a variety of digital solutions. These solutions will include mobile top-ups, e-payment options, and credit services, all tailored to meet the needs of informal retailers in Africa and the Middle East.
The merger in 2024 followed a series of challenging years for both companies. MaxAB had secured $40 million in a pre-Series B funding round in 2022, while Wasoko, which was once valued at $625 million after a $125 million Series B round, saw its valuation drop to $260 million in 2023 due to declining sales. However, the merger in August 2024 has helped the companies regain significant value. VNV Global, a notable investor holding a 2.4% stake in the merged entity, reported a valuation of over $500 million.
This increase in valuation underscores the combined companies’ potential to capture a larger share of the estimated $2 trillion informal retail market across Africa and the Middle East. With over $230 million raised collectively before the merger, the new entity now enjoys the support of a broad network of investors who are eager to back its ambitious growth plans.
By harnessing advanced AI and machine learning technologies, Wasoko and MaxAB are set to revolutionize how small-scale retailers across the continent access essential goods, financial services, and digital tools. This development marks the beginning of a new era in the retail tech landscape of the region.
