African B2B ecommerce platforms Wasoko and Maxab are valued at $526 million following their merger completion in August 2024, according to VNV Global’s latest financial report.
VNV Global, an investor in Wasoko, holds a 2.4% stake in the combined entity, valuing its position at $12.6 million based on a revenue multiple of 2.6 derived from listed peers.
Prior to the merger, VNV Global held a 4.1% stake in Wasoko, valued at $14.2 million, suggesting a $346 million valuation for Wasoko alone.
The merger, announced in December 2023, created a unified platform serving 450,000 merchants across Kenya, Tanzania, Rwanda, Egypt, and Morocco.
The companies have raised over $230 million collectively, with their last rounds in 2022: Cairo-headquartered Maxab’s $40 million pre-Series B and Nairobi-headquartered Wasoko’s $125 million Series B at a $625 million valuation.
The merged company recently saw the departure of Maxab co-founder and COO Mohamed Ben Halim, who left two months after the merger completion.
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