The Emirati platform Maalexi, specializing in managing risks for small and medium-sized agricultural companies, has announced the closure of a pre-Series A funding round worth $3 million. This round was led by the venture capital firm Global Ventures, joining current investors such as Rockstart in Amsterdam and Ankur Capital in New Delhi.
Expansion Plans for Maalexi
The funds raised will be utilized to enhance Maalexi’s technological development. This enhancement aims to empower the platform to assist small and medium-sized buyers in the agricultural sector to conduct purchasing operations more swiftly and securely from sellers worldwide.
Additionally, the platform aims to increase its customer acquisition efforts, focusing on expanding its buyer base in the United Arab Emirates and Saudi Arabia, while onboarding sellers from more than 50 countries.
Maalexi primarily focuses on enhancing the flexibility of food supply chains, thereby contributing to food security in the UAE and expanding its model to encompass the Gulf Cooperation Council countries.
About Maalexi Platform
Founded by Azam Basha (CEO) and Rohit Maggi (CTO), Maalexi aims to facilitate the exchange of agricultural products among small and medium-sized agricultural companies using AI-powered risk management tools.
The platform provides various risk management tools such as digital contracts, AI-supported inspection processes, and blockchain-based document verification. These solutions increase user engagement and come with benefits such as increasing customer revenues, enhancing the ability to secure funding, and ensuring business sustainability.
In 2023, the company witnessed a cumulative monthly growth rate of 60%, adding hundreds of new users and assisting buyers from small and medium-sized companies in securing millions of kilograms of foodstuffs from 27 countries.
Despite the global cross-border food trade market growing annually at a rate of 6% between 2018 and 2023, small and medium-sized agricultural companies face challenges in managing trade risks and securing appropriate funding.