To expand its e-commerce support platform, the Egyptian company SideUp, previously known as Voo, has acquired $1.2 million in venture capital.
The platform, which debuted in 2019, provides small and medium-sized businesses (SMEs) with a variety of services, such as payment processing, logistical assistance, and API integration for shipping, warehousing, fulfillment, and consulting services.
Waleed Rashed, the founder, and CEO of SideUp said that he was motivated to develop the platform after seeing how big e-commerce service providers overlooked small businesses.
Many people speak about how e-commerce is growing, but Rashed said that we are not doing enough to support the micro, small, and medium-sized businesses (MSMEs) that are engaged in online sales. "Merchants require a whole ecology and a variety of services to succeed."
Launch Africa VC served as the investment round's lead investor. Other investors included 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund, and Saudi angel investor Faisal AlAbdulsalam.
The money will be invested in new technology and innovations, as well as the services and audience of the platform. 2,000 e-commerce companies are presently served by SideUp, and these companies may use financing and its cash collection service to grow. The company's portfolio has increased by 30% month over month, resulting in a gross merchandise volume of more than $500,000 per month. Additionally, SideUp has extended its business into Saudi Arabia, where it will now have its main office. Now that it has expanded in Egypt and Saudi Arabia, the business wants to increase its clientele by entering at least two more nations by the end of 2023. This would enable the business to capitalize on the expanding e-commerce market in several areas.
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