Egyptian e-commerce platform SIDEUP raises $1.2 million to expand its business
SIDEUP, an Egyptian startup that provides e-commerce solutions to small businesses, has raised $1.2 million to expand in Egypt, launch new operations in Saudi Arabia and develop a new range of products for customers.
Originally launched in 2019 as VOO, the startup claims it's on a mission to simplify the e-commerce process for business owners, which will allow them to focus on their core operations.
Before the rebrand, VOO was one of the leading logistics providers in the region with an industry-leading 85% delivery rate on the first attempt, and a total 90% delivery success rate for all e-commerce orders.
Today, SIDEUP serves over 2,000 e-commerce businesses. All SIDEUP customers have the option of accepting cash on delivery which is paid to merchants every 24 hours, to manage business cash flow. Using the SIDEUP platform, businesses can access payment gateways, and API integration for shipping, warehousing, fulfilment, and advisory, from one platform.
SIDEUP’s platform also allows merchants to operate cross-border across 45 countries, accessing new markets and audiences for their products. Similarly, service providers partnering with SIDEUP can discover new customers and revenue streams.
The startup claims it's cashflow positive and has achieved over $500,000 GMV per month, growing 30% monthly.
With the funding, SIDEUP will expand its operations in Egypt and launch in Saudi Arabia, with a new office in Riyadh. Over the next year, the startup will also develop a new range of solutions for customers.
