Launch Africa VC, Global 500, Riyadh Angels, Alex Angels, Al-Tuwaijri Fund and Other Angels Join Seed Round
SIDEUP intends to launch its operations in Saudi Arabia by opening a new office and hiring local staff
SIDEUP provides a range of services to e-commerce companies through a single platform with the aim of streamlining operations and enriching customer experience
Cairo, Arab Republic of Egypt / Riyadh, Kingdom of Saudi Arabia- Saidap declared SIDEUP , the leading platform in the field of e-commerce services in the Middle East and North Africa, announced the success of a seed funding round of $ 1.2 million. The tour witnessed the participation of a number of major global and regional investors interested in investing in early-stage startups, such as “Launch Africa Ventures Capital”, “Global 500”, Riyadh’s angel investors, “Alex Angels”, Al-Tuwaijri Fund and angel investor Faisal Al-Abdulsalam.
SIDEUP was launched in 2019 to enable and support e-commerce companies with technological solutions that help them establish partnerships, integration, achieve growth and increase revenues. Formerly known as VOO, SIDEUP operated one of the important logistics markets in the region.
As part of its mission to streamline operations in the e-commerce sector, SIDEUP offers a number of services that allow business owners to focus on their core operations. The company was established in order to address the challenges facing the e-commerce economy by enabling companies to access digital payment gateways and integrate shipping, warehousing, fulfillment and consulting operations through a single platform and through APIs.
SIDEUP intends to harness investment capital to double its presence in Egypt, launch its operations in Saudi Arabia by opening an office and developing a new range of solutions for clients there over the next twelve months. The company also intends to move its headquarters to Riyadh and appoint employees to fill new positions there.
On this occasion, Walid Rashid, the founder and CEO of SIDEUP, said that electronic companies that contribute to shaping the future of the economy still face a number of challenges that hinder their growth, pointing out that the SIDEUP platform connects e-commerce companies with a set of services provided by a number of pioneers in this field. area, allowing it to focus on growing its revenues. He added, “We are excited today that SIDEUP is entering a new phase of growth in line with our expansion plans in new markets, which we begin with the opening of an office in the Kingdom of Saudi Arabia. We are ready, with the support of our investors, to bring about the desired change in the e-commerce sector throughout the Middle East and Africa.”
It is expected that grow The e-commerce sector in the Middle East and North Africa region will reach $104.1 billion by the end of 2022. These expectations are supported by the large segments of technology-savvy and dependent youth across the region, but e-commerce companies operating in certain parts of the region still face growth challenges. in the areas of payments and delivery.
The SIDEUP platform allows e-commerce companies in 45 countries to expand their business and access new markets for their products and services, and service providers from SIDEUP partners have opportunities to identify new customers and develop new sources of income. The company gathers partnership relations with prominent parties in its fields, such as e-commerce platforms “Z”, “Zemit” and “Welt”, electronic payment services “PayTabs”, “Copay” and “Paymob”, and logistics service providers “Aramex” and “” J&T and Email.
For his part, Mohamed Karrar, partner at Launch Africa Ventures Capital, expressed his enthusiasm for supporting SIDEUP, which he described as an “engine of change” in the e-commerce sector across the region by connecting business owners with world-class service partners, expressing his pleasure in joining To the company on its journey to enter new markets. “SIDEUP has made impressive progress so far and exemplifies how technology can address the unique business challenges of our region, given that it has a strong product and talented team,” he added.
In turn, Dr. Khaled Al-Taweel, co-founder of the “Riyadh Angel Investors” company, referred to the “state of fragmentation” that e-commerce is still suffering from in most parts of the region, considering that this situation “imposes a number of challenges for business owners.” He added, “SIDEUP represents a broad leap that gives e-commerce companies a single platform to access important partners and the technology needed to grow their business, and we are grateful for the company’s coming to the Kingdom and providing support to Saudi companies during their various stages of growth.”
SIDEUP’s account management teams oversee e-commerce companies’ acquisition of services from their service-provider partners, once the e-commerce company chooses the service provider they prefer to deal with. The company has extensive experience in logistics services, and had previously achieved a delivery rate of 85 percent on the first attempt, which is among the highest in the industry, while achieving an overall successful delivery rate of 90 percent of all e-commerce orders, despite the challenges ahead of the sector in the region, where the company serves 2,000 online stores. This, and all SIDEUP customers have the option to pay cash on delivery, and funds are transferred to companies every 24 hours to enable them to manage their cash flows.
SIDEUP generates positive operating cash flow of more than $500,000 gross merchandise volume per month, growing at a 30 percent monthly growth rate.
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About SIDEUP
SIDEUP enables e-commerce companies to achieve expansion and increase revenues through a set of technology solutions that provide a seamless experience through a single platform that combines all technology solutions. The SIDEUP platform offers a one-stop solution for business owners with services such as payment gateways, logistics integration, warehousing, fulfillment, and business advisory via APIs. The site can be visited www.sideup.co for more