The platform for e-commerce services SIDEUP, based in Egypt, has announced the closing of a $1.2 million seed round. Leading investors from throughout the globe and the region, including Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund, and Saudi angel investor Faisal AlAbdulsalam, participated in this round of funding for early-stage development firms.
Over the next 12 months, SIDEUP will use its investment funds to expand its operations in Saudi Arabia, strengthen its position in Egypt, and continue to create fresh customer-focused solutions. SIDEUP will shift its headquarters to Riyadh as part of its plans for Saudi Arabia, and it will fill a number of new positions there.
Read also Tunisian Startup Paymee Signs Partnership Deal With Ecommerce Giant Shopify
“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 e-commerce industry across the Middle East and Africa,” said Waleed Rashed, Founder & CEO of SIDEUP.
Why The Investors invested
The startup has generated considerable traction since it was founded.
The company has a wealth of experience in logistics services and previously achieved an industry-leading 85% first-time delivery rate and a 90% overall delivery success rate for all e-commerce orders in a challenging area. Over 2,000 e-commerce companies are currently served by SIDEUP. To control the financial flow of their businesses, all SIDEUP clients have the option of accepting cash on delivery, which is paid to merchants every 24 hours.
Read also Egyptian-Chinese Entrepreneurs Association (ECEA) Launches To Boost Business Opportunities
SIDEUP is a cash flow-positive company with a GMV of over $500,000 per month and monthly growth of 30%.
“We are excited to back SIDEUP, a company that is transforming the e-commerce 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,” Mohamed Karar, Venture Partner at Launch Africa Ventures.
“e-commerce remains fragmented across most of the region, creating a number of challenges for business owners. SIDEUP’s platform is a giant leap forward giving them a single place to access partners and technology to grow their businesses exponentially. We are excited to see them come to Saudi Arabia and support businesses through their next phase of growth,” said Dr. Khalid Al Tawil, Co-founder Riyadh Angels.
A Look At What The Startup Does
SIDEUP, a technology platform launched in 2019 by Waleed Rashed, provides e-commerce business owners with a range of solutions that make it possible for partnerships and integrations to scale and increase income. Formerly known as VOO, SIDEUP ran one of the most reputable logistics marketplaces in the area.
SIDEUP offers a variety of services with the goal of streamlining the e-commerce sector while freeing up business owners to concentrate on their primary activities. Businesses may access payment gateways, API connectivity for shipping, warehousing, fulfilment, and advising from a single platform thanks to a platform designed to address issues facing the e-commerce industry.
Read also How 3D Gamified Business Processes Will Change World
The e-commerce market in the MENA region is anticipated to reach $104.1 billion by the end of 2022 thanks to a young, digitally nativized population. However, from payments to delivery, e-commerce businesses continue to face growth challenges that are unique to the region.
The SIDEUP platform also enables businesses to operate internationally across 45 nations, giving their goods access to new markets and clientele. Similar to this, service providers working with SIDEUP might find new clients and sources of income. SIDEUP collaborates with market players such as logistics providers Aramex, J&T, and iMile as well as e-commerce platforms Zid, Zammit, and Wuilt as well as payment systems Paytab, Cowpay, and Paymob.
The account management teams at SIDEUP coordinate service delivery between merchants and partners when e-commerce enterprises select their chosen service provider.
SIdeup ecommerce SIdeup ecommerce SIdeup ecommerce
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh