UAE – Mubasher: Maalexi, a dynamic risk management platform for small- and medium-sized enterprises (SME) agri-businesses, has closed a $3 million pre-Series A fundraising.
The funding round was led by Global Ventures as well as venture capital (VC) investors Rockstart and Ankurit Capital, according to a press release.
Maalexi will use the proceeds of the funding to develop its technology and evolve its full-stack platform to help SME agri-buyers procure faster, cheaper, and safer from globally placed SME sellers.
The fintech also plans to attract more customers, specifically in the UAE and Saudi Arabia, and add sellers from more than 50 origin countries.
Maalexi’s platform enables small agri-businesses to operate in the $3 trillion global food trading market. Although the market has grown at a 6% compound annual growth rate (CAGR) in the last five years, such businesses often suffer from an inability to manage trade risks and get access to finance.
Maalexi deploys risk management tools including digital contracts, AI-enhanced inspections, and blockchain-authenticated documentation.
In 2023, Maalexi recorded a cumulative monthly growth rate of 60%, attracting hundreds of users, and helping SME buyers procure food supplies across 70 products from 27 countries.
Azam Pasha, Co-Founder and CEO of Maalexi, said: “The per-transaction costs of our platform are very low, and we enable safer, faster trades cross-border. At the same time, we are strengthening food security in our home country and region.”
Noor Sweid, Founder and Managing Partner of Global Ventures, commented: “Focused on empowering small to medium agri-businesses, 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.”
