Maalexi's Proprietary Tech Secures US$3 Million Funding for Global Agri-Business Expansion
In development for the UAE's agri-business sector, Maalexi, a risk management platform catering to SMEs, has concluded a pre-Series A funding round, securing US$3 million. The funding drive was led by Global Ventures, the MENA-based venture capital firm. This comes as an addition to Maalexi's existing investors, with Rockstart from Amsterdam and Ankurit Capital from New Delhi continuing their support.
The newly injected capital is earmarked for two key areas: first, advancing technological development to enhance the full-stack platform, facilitating faster, cost-effective, and secure procurement for SME agri-buyers globally; and second, intensifying customer acquisition efforts, focusing on expanding the buyer base in the UAE and Saudi Arabia, and incorporating sellers from more than 50 origin countries.
Maalexi's platform addresses the challenges faced by millions of small agri-businesses operating in the US$3 trillion global cross-border food trading market. Despite the market's 6 percent CAGR in the last five years, these businesses often grapple with trade risk management and accessing finance.
Powered by proprietary technology, Maalexi's platform incorporates risk management tools such as digital contracts, AI-enhanced inspections, and blockchain-authenticated documentation, all seamlessly integrated into a user-friendly web platform. This solution aims to boost participation, automate trade processes, and consequently increase customer revenues, enhance bankability, and foster sustainable enterprises.
The year 2023 witnessed significant growth for Maalexi, marked by a Cumulative Monthly Growth Rate of 60 percent. The platform added hundreds of users and facilitated the procurement of millions of kilograms of food supplies across 70 products from 27 countries. The company's strategic focus for 2024 is centred on building resilience in the food supply chain, with an initial emphasis on strengthening food security in the UAE, followed by expanding the same model across the GCC.
The UAE's commitment to food security is underscored by its top-ranking position in the MENA region and 23rd globally on the Global Food Security Index (GFSI) in 2022. The 'We the UAE 2031' vision aims to position the country among the top 10 nations in the GFSI.
Dr. Azam Pasha, Co-founder and CEO of Maalexi, expressed delight at the successful fundraise, emphasising the vast market opportunity awaiting their solution. Pasha highlighted the platform's low per-transaction costs and its role in enabling safer and faster cross-border trades.
Maalexi's management team, comprising Dr. Azam Pasha and Rohit Majhi, brings extensive expertise in supply chain management, technologies, and finance. Pasha, with over two decades of experience, has advised leading conglomerates in the food and agricultural supply-chain management and trade finance space. Meanwhile, Majhi, the Chief Technology Officer, brings a background in Management Consulting at Deloitte and has led technology functions at US-based supply chain startups.
Noor Sweid, Founder and Managing Partner of Global Ventures, expressed delight in leading Maalexi's funding round. Sweid emphasised the company's focus on empowering small to medium agri-businesses and its use of AI-driven risk management tools to address payment and performance risks in regional and global supply chains. Sweid noted the significance of Maalexi's business model in disinter-mediating supply chains, making them more efficient, and reducing the GCC's heavy dependency on food imports.
As Maalexi looks ahead to 2024 and regional expansion, the company remains confident in its mission to enhance the engagement of small agri-businesses in trade and contribute to improved food security in the Gulf and beyond.
