Cairo – Mubasher: Egypt-based SIDEUP, a leading platform for e-commerce services in the MENA region, has secured $1.20 million in a seed funding round, according to a press release.
The round was led by global and regional investors, including Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund, and Saudi angel investor Faisal Al Abdulsalam.
SIDEUP will use the proceeds of the fundraising to broaden its footprint in Egypt and inaugurate an office in Saudi Arabia to launch its services in the Kingdom. The platform also aims to secure a new range of solutions for its clients over the coming 12 months.
In line with its expansion plans in Saudi Arabia, SIDEUP will relocate its headquarters (HQ) to Riyadh and hire people for a number of new roles in the Kingdom.
Founded in 2019, the platform provides e-commerce business owners with a set of tech solutions that enables them to expand and grow revenue.
It is noteworthy to mention that SIDEUP was previously known as VOO, which operated one of the leading logistics marketplaces in the region.
Waleed Rashed, Founder and CEO of SIDEUP, noted: “Online businesses are shaping the future of our economy but they continue to face a number of challenges which limit their growth potential.”
Rashed elaborated: “At SIDEUP, our platform connects merchants with a range of services from industry leaders, allowing them to focus on growing revenues while we take care of the rest.”
He added: “Today we are excited to enter a new phase of growth as we plan to take SIDEUP to new markets, including the launch of our Saudi Arabia office.”
The founder concluded: “With the backing of our investors, we are well positioned to transform the e-commerce industry across the Middle East and Africa (MEA).”
The e-commerce sector in the MENA region is expected to hike to $104.10 billion by the end of 2022. Nonetheless, the business is facing growth challenges, including payments and delivery issues.
