Egyptian tech startup Sideup raises $1.2M to fuel growth

Egypt-based technology startup Sideup has raised $1.2 million in funding. This will help the company expand its operations to Saudi Arabia.

Various global and regional investors including Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund and Saudi angel investor Faisal Al Abdulsalam participated in this new funding round, the company said. said last Monday.

Launched in 2019, Sideup’s platform offers solutions such as online payment gateways, business advisory and integrated applications for sectors such as shipping, logistics, warehousing and fulfillment. According to the company, it aims to help e-commerce businesses scale and grow revenue by utilizing technology.

Waleed Rashed, Founder and CEO of Sideup, said:

“We are excited to enter a new phase of growth as we plan to bring Sideup into new markets, including the launch of our Saudi Arabia office. We are well positioned to transform the e-commerce industry across Africa,” said Rashed.

Sideup, formerly known as Voo, said it will use the new capital to double its presence in Egypt, launch operations in Saudi Arabia and develop more new solutions for its customers over the next 12 months.

As part of plans to increase its presence in Saudi Arabia, the Arab world’s largest economy, Sideup will move its headquarters to Riyadh and increase its workforce in the country, the company said.

Riyadh Angels co-founder Khalid Al Tawil said:

“Sideup’s platform is a giant leap forward, providing a single place to access partners and technology to grow your business exponentially.”

Sideup currently serves over 2,000 e-commerce businesses. It’s a cash flow positive business with over $500,000 in gross monthly product volume and growing at a rate of 30% monthly.

Its platform also allows merchants to access new markets by operating in 45 countries. We partner with industry leaders such as e-commerce platforms Zid, Zammit and Wuilt. Payment providers Paytab, Cowpay and Paymob, and logistics providers Aramex, J&T and iMile.

Egypt, the most populous country in the Arab world, relies on technology and the startup ecosystem to diversify its economy.

Venture capital funding in Egypt in the first half of 2022 more than doubled from the previous year to $307 million, ranking third in the Middle East and North Africa region, according to Magnitt, a data platform for start-ups. I was. The number of domestic transactions increased 22% annually to 78 in the first six months of the year.

Updated: December 5, 2022, 6:00 AM