WayUp Sports, a pioneering e-commerce platform specializing in performance-based sports gear in Egypt, has successfully secured a seed round of funding. This investment round is led by Beltone Venture Capital, Index Sports Fund, and several strategic angel investors. The exact amount raised in this round remains undisclosed. Emphasizing its commitment to originality and innovation, WayUp Sports aims to leverage this funding to advance its growth through three key initiatives: regional expansion, the launch of its exclusive WayUp Sports private brand, and the enhancement of user experiences on both its application and website.
Distinguished as the first of its kind in Egypt, WayUp Sports focuses on providing high-quality sportswear and equipment across various sports disciplines. The platform directly sources products from a diverse range of local and international brands, catering to everyone from aspiring young athletes to seasoned professionals. WayUp Sports offers customers a comprehensive journey, managing the entire process from product warehousing and quality checks to sales, delivery processes, and customer service training to assist sports enthusiasts.
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In 2021, the sports apparel market in the Middle East and North Africa region was valued at USD 15 billion. With a burgeoning interest in healthier lifestyles, sports, and the prevalence of athleisure, the market is projected to reach USD 23 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period. This upward trend underscores the growing demand for sportswear, with online channels playing a pivotal role in fueling substantial market growth and providing consumers access to the latest products available.
Commenting on this significant achievement, Mohamed Afifi, Co-founder and Co-CEO of WayUp Sports, expressed enthusiasm, stating, “This Seed round is a significant milestone for WayUp Sports that will support the growth of the company to meet the rising demand and potential in the local and regional market. Accordingly, we are excited to be backed by leading investors who understand and support our vision. Their trust in our business will help us enhance our offering and scale our business to the next level.”
Ali Mokhtar, CEO of Beltone Venture Capital, added, “We are excited to support WayUp Sports and its leadership team to achieve their vision and lead the sports retail sector in Egypt and the MENA region. WayUp is considered the most promising company that achieved significant operational performance and business growth since its inception, within a rapidly growing market. With its ambitious expansion plans set in place, WayUp Sports company is well positioned to become the leading platform in the region.”
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Benefiting from a collective 35 years of expertise in the B2B sports gear market, WayUp Sports was founded by Omar, Mohamed, and Basma Afifi in 2021 to meet the increasing demand for specialized and performance-based sportswear and equipment. Following a pre-seed round in 2022, the business has experienced remarkable growth, expanding nine times over. WayUp Sports has established strategic partnerships with over 70 diverse local and international brands, serving a wide array of sports, offering an extensive product range of over 10,000 items, and successfully serving more than 100,000 customers.
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