SideUp, an Egyptian startup that recently rebranded from Voo and expanded its focus from logistics marketplace, has raised $1.2 million seed funding.
The startup will now offer a complete spectrum of e-commerce support services, including payment gateways, API integration for shipping, warehousing, fulfillment, and advisory. It has also expanded to Saudi Arabia, where it will be headquartered from now.
Investors in the round were Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund and Saudi angel investor Faisal AlAbdulsalam.
Founded by Waleed Rashed to link small merchants to e-commerce support, SideUp’s partner service providers enable merchants to sell in 45 countries, which has opened up new markets that had previously been inaccessible by small enterprises.
The startup currently serves 2,000 e-commerce businesses, with the opportunity to access cash collection service and credit to expand their businesses. Its portfolio has grown 30% month-on-month, achieving over $500,000 Gross Merchandise Volume per month.
Added to its plans, SideUp plans to grow its clientele base by scaling in Egypt and Saudi Arabia, and expanding to at least two other countries before the end of 2023, to tap the burgeoning e-commerce sector in different regions.