PYMNTS MonitorEdge May 2024

Maalexi Raises $3 Million to Facilitate Cross-Border Trade for Agribusinesses

farmer harvesting dates in UAE

Maalexi has raised $3 million in a Pre-Series A funding round to continue building its cross-border trade platform for small agribusinesses.

The platform connects buyers with sellers worldwide to reinforce the food supply chain and promote food security in the United Arab Emirates (UAE) and the greater Gulf Cooperation Council (GCC) region, the company said in a Monday (Jan. 8) post on LinkedIn.

“Maalexi plans to utilize the funds to enhance its tech stack, acquire new customers, and design new digital solutions that address risk in trade for its small agribusiness users,” the company said in the post.

Small and medium-sized businesses (SMBs) in the agribusiness sector often face trade risks and limited access to finance, according to the post. The company’s platform is designed to promote financial inclusion for these SMBs and connect them with the cross-border food trade.

Maalexi’s latest funding round was led by international venture capital (VC) firm Global Ventures.

Global Ventures said in a Monday post on LinkedIn that Maalexi disintermediates supply chains, enhancing efficiency and productivity, and aims to engage small agribusinesses in trade.

Currently, small agribusinesses make up 90% of the global sector but control only 30% of the global cross-border food trade market, according to the post.

“With a focus on empowering small to medium-sized agribusinesses, Maalexi is revolutionizing the cross-border exchange of agricultural products,” Global Ventures said in its post. “Leveraging AI-driven risk management tools, the company addresses payment and performance risks in both regional and global supply chains.”

In another recent development in the agriculture sector, Bushel completed a $26 million funding round in August to continue developing its digital platform that connects farmers and agribusinesses. Bushel leverages secure mobile and desktop applications to digitize and streamline information, transactions and payments.

In July, Silo Technologies raised $132 million in new capital to expand its financial technology for distributors and grower shipper businesses in the perishable food supply chain. Part of this new funding will be used for a cash advance program to help supply chain companies manage the cash flow gaps that are inevitable in the seasonal fresh produce business.