UAE's Fintech Maalexi Secures $3 Million in Pre-Series A

Maalexi, a risk management platform catering to small and medium-sized agri-businesses in the UAE, has raised $3 million in a pre-Series A funding round, as per a press release.^[1]  

Global Ventures, a venture capital firm in the MENA region, spearheaded the funding round.

Participation was also seen from existing venture capital investors, including Rockstart from Amsterdam and Ankurit Capital from New Delhi.

The funds will be earmarked for strategic purposes, with a primary focus on advancing technology development.

Maalexi aims to bolster its full-stack platform, empowering SME agri-buyers to procure goods faster, more affordably, and with enhanced safety from global SME sellers.

Additionally, a portion of the funding will be allocated to drive customer acquisition efforts, specifically targeting increased buyer engagement in the UAE and Saudi Arabia, along with onboarding sellers from over 50 origin countries.

Maalexi's proprietary technology is designed to address these pain points, incorporating risk management tools such as digital contracts, AI-enhanced inspections, and blockchain-authenticated documentation.

All of these features are seamlessly integrated into a user-friendly web platform. By doing so, Maalexi's solution not only enhances participation and automates trade but also contributes to higher customer revenues, increased bankability, and the creation of more sustainable enterprises.

In 2023, Maalexi onboarded hundreds of users, facilitating the procurement of millions of kilograms of food supplies across 70 products and from 27 different countries.

With a strategic management team in place, Maalexi is led by Azam Pasha, who brings over two decades of expertise in food and agricultural supply-chain management and trade finance.

Rohit Majhi, the CTO, adds a wealth of experience in management consulting at Deloitte and has led technology functions at US-based supply chain startups throughout his career.