Financial tech startup for agriculture gets $3 million in funding

January 8, 2024 Blogs

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Maalexi, the 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.

Tomatoes growing at RedSea farms, Saudi Arabia

Maalexi’s platform helps the millions of small agri-businesses active in the $3 trillion USD 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 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.

Maalexi founders Rohit Majhi (left) and Azam Pasha

Maalexi has grown significantly in 2023 recording a Cumulative Monthly Growth Rate of 60%, adding hundreds of users, and helping SME buyers procure millions of kilograms of food supplies – across 70 products, from 27 countries.

Maalexi’s management team includes two co-founders with stellar backgrounds in supply chain management, technologies, and finance. Azam Pasha, the CEO, has over two decades as a head and senior advisor on food and agricultural supply-chain management and trade finance, and has worked with world-renowned conglomerates in this space. Rohit Majhi, the CTO, has a background in Management Consulting at Deloitte and led the technology function at US-based supply chain startups during his career.

::Maalexi