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UAE-based fintech Maalexi, which caters to small agri-businesses, has raised $3 million in a pre-Series A funding round led by venture capital firm Global Ventures.
Proceeds of the fundraising will be used to enhance the company’s risk management platform and drive customer growth in the UAE, Saudi Arabia and other markets, according to a statement.
“The proceeds will be deployed for … tech development … and drive customer acquisition – specifically more buyers in the UAE and Saudi Arabia and to add sellers from 50+ origin countries.
Founded in 2021, Maalexi’s technology seeks to streamline the procurement process for SME agri-businesses that are active in the $3 trillion cross-border food trading market.
The market has been growing at a 6% CAGR in the last five years, but small agri-businesses are reportedly struggling to manage trade risks and access finance.
Maalexi’s technology has embedded risk management tools such as digital contracts, AI-enhanced inspections and blockchain-authenticated documentation on its web platform.
Last year, the company posted a cumulative monthly growth rate of 60%, adding hundreds of users on its platform and helping SME buyers procure millions of kilogrammes of food supplies across 70 products from 27 countries.
Part of the goal is to build resilience in the food supply chain, boost food security in the UAE and replicate the same model across the GCC region, said the company.
“The company is streamlining the transborder exchange of agriculture products, using AI-driven risk management tools to address payment and performance risks in regional and global supply chains,” said Noor Sweid, Founder and Managing Partner of Global Ventures.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
