Wasoko and MaxAB, two e-commerce companies that completed Africa’s largest tech merger in August 2024, have appointed Mo Elshenawy as an independent board director and technical advisor.
Mo Elshenawy, a veteran in technology and operations, brings a wealth of experience from his role as President and Chief Technology Officer at Cruise, where he led the company’s strategic and operational execution, focusing on the development of autonomous driving solutions.
With a background spanning AI, robotics, and advanced sensor technology, Elshenawy’s expertise aligns well with Wasoko and MaxAB’s goal of driving innovative growth across African markets.
In his new role, Elshenawy will focus on optimising Wasoko and MaxAB’s technology infrastructure and advancing AI-driven tools for pricing, product selection, and route optimisation.
He will play a central role in scaling the company’s technical capabilities and transforming the merged platform into a comprehensive super app, encompassing digital top-ups, e-payments, and credit financing.
Mo Elshenawy has expressed a personal connection to the mission, seeing this opportunity as a way to support Africa’s digital transformation and strengthen its impact globally.
Elshenawy’s career spans over two decades, with notable roles including Executive Vice President at Cruise, where he managed large engineering and research teams, spearheading cutting-edge developments in autonomous vehicle technology.
He has also served as Senior Vice President of Engineering at Cruise, focusing on testing, safety, and data security. Before his time at Cruise, he held leadership roles at Amazon, where he served as Head of Global Technology for Amazon Warehouse Deals and the Core Recommerce Platform.
His early career included roles in software engineering and architecture at SCH Business Solutions and ASSET Technology Group, establishing a solid foundation in systems engineering and strategic operations.
Wasoko and MaxAB’s combined entity, now valued at over $500 million, has received backing from investors, including VNV Global, which holds a 2.4% stake in the business, valued at $12.6 million.
VNV’s valuation is based on a revenue multiple of 2.6, a benchmark used to assess similar companies in the industry. Before the merger, Wasoko and MaxAB had raised over $230 million in funding, with Wasoko reaching a $625 million valuation in 2022, though this later adjusted to $260 million in 2023 due to a decline in sales to small informal retailers.
The merger, initially announced in December 2023, is a consolidation in Africa’s digital retail sector. With Elshenawy’s leadership and strategic insight, Wasoko and MaxAB push digital commerce in Africa by expanding their platform’s abilities to meet changing consumer needs and drive economic transformation across the continent.
