EGYPT – Egyptian startup SIDEUP, which provides a suite of services for e-commerce businesses, has raised US$1.2 million in seed funding from regional and global investors to help it expand into Saudi Arabia.
Launched in 2019, SIDEUP empowers e-commerce business owners with a suite of technology solutions which enables partnerships, integrations, achieve scale and grow revenue.
It was previously known as VOO, which operated one of the leading logistics marketplaces in the region.
On a mission to simplify the ecommerce industry, SIDEUP provides a number of services, while allowing business owners to focus on their core operations.
Built to solve challenges for the e-commerce economy, businesses can access payment gateways, API integration for shipping, warehousing, fulfillment, and advisory, from one platform.
The startup’s platform also allows merchants to operate cross-border across 45 countries, accessing new markets and audiences for their products. Similarly, service providers can discover new customers and revenue streams.
According to reports by Disrupt, SIDEUP serves over 2,000 e-commerce businesses, and has achieved over US$500,000 GMV per month, growing at 30 per cent monthly.
“Online businesses are shaping the future of our economy but they continue to face a number of challenges which limit their growth potential. 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.
“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. With the backing of our investors, we are well positioned to transform the ecommerce industry across the Middle East and Africa,” said Waleed Rashed, founder and CEO of SIDEUP.
Its US$1.2 million seed round saw participation from leading global and regional investors, including Launch Africa Ventures, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund and Saudi angel investor Faisal AlAbdulsalam.
The startup will utilise the investment capital to double down on its presence in Egypt, launch operations in Saudi Arabia with the opening of an office, and further develop a new range of solutions for customers over the next 12 months.
As part of its plans for Saudi Arabia, SIDEUP will relocate its HQ to Riyadh and hire for a number of new roles in the country.
“We are excited to back SIDEUP, a company that is transforming the ecommerce industry across the entire region by connecting business owners to world-class services and partners. Their progress so far has been inspiring and is a true example of how technology is solving challenges that are unique to our region.
“VOO has a robust product and a talented team across the business. We are thrilled to be joining them on their journey as they venture into new markets,” said Mohamed Karar, venture partner at Launch Africa Ventures.