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Egypt’s SideUp raises $1.2M to grow its e-commerce support platform

Summary

SideUp, a rebranded logistics marketplace in Egypt, has raised $1.2 million seed funding to develop a comprehensive e-commerce support platform. This platform will include payment gateways, API integration, warehousing, fulfillment and advisory services. SideUp is targeting small businesses that have been ignored by larger service providers, and currently serves 2,000 e-commerce businesses. The startup plans to expand to 45 countries and two other countries by the end of 2023 to capitalize on the region's growing e-commerce sector. A report from Mordor Intelligence predicts that the Middle East and Africa e-commerce markets will grow 11.5% in the next five years.

Q&As

What is SideUp and what services does it offer?
SideUp is an e-commerce support platform that offers payment gateways, API integration for shipping, warehousing, fulfillment, and advisory services.

What inspired SideUp founder and CEO Waleed Rashed to launch the platform?
Waleed Rashed was inspired to link small merchants to e-commerce support after realizing they were ignored by large service providers.

How has SideUp's portfolio grown over the last few months?
SideUp's portfolio has grown 30% month-on-month, achieving over $500,000 Gross Merchandise Volume per month.

What are SideUp's plans for further growth?
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.

What are some factors that are driving the growth of the Middle-East and Africa e-commerce markets?
Factors driving the growth of the Middle-East and Africa e-commerce markets include internet and smartphone penetration, urbanization and mobile shopping, and businesses embracing e-commerce.

AI Comments

👍 It's great to see SideUp leveraging the growing e-commerce sector to provide small merchants with the services they need to succeed. The rebranding and expansion to Saudi Arabia is a great indication of the success of the venture.

👎 It's disappointing to see that SideUp has not yet expanded to other countries, especially given the growth in the e-commerce sector in the Middle East and Africa. This could be a missed opportunity to tap into a potentially lucrative market.

AI Discussion

Me: It's about an Egyptian startup called SideUp which has raised $1.2 million to expand its e-commerce support services. They're offering payment gateways, API integration for shipping, warehousing and fulfillment, and advisory services.

Friend: That's really interesting. What are the implications of this?

Me: Well, this could have a big impact on the e-commerce sector in the Middle East and Africa. The article mentions that the sector is expected to grow over 11.5% in the next five years, so SideUp's services could make it easier for businesses to get involved in e-commerce and take advantage of this growth. It could also help small and medium businesses compete with large companies, since they can now access the same services.

Action items

Technical terms

Logistics Marketplace
A logistics marketplace is an online platform that connects businesses that need to transport goods with carriers that can provide the service.
API Integration
Application Programming Interface (API) integration is the process of connecting two or more applications together to share data and information.
Warehousing
Warehousing is the storage of goods and materials in a designated area, typically a warehouse.
Fulfillment
Fulfillment is the process of receiving, storing, picking, packing, and shipping goods to customers.
Gross Merchandise Volume (GMV)
Gross Merchandise Volume (GMV) is a measure of the total value of goods sold through an online marketplace.
Urbanization
Urbanization is the process of people moving from rural to urban areas, resulting in the growth of cities.
Mobile Shopping
Mobile shopping is the process of buying and selling goods and services using a mobile device, such as a smartphone or tablet.

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