WayUp Sports, an online retailer specializing in performance-oriented sports equipment in Egypt, has raised seed funding to support its regional expansion, the introduction of a private brand, and the improvement of user experience across its website and application.
Index Sports Fund, Beltone Venture Capital, and other prominent angel investors led the undisclosed seed round.
WayUp Sports was founded in 2021 with the intention of supplying the growing market with high-quality, customized sports equipment. The company has expanded nine times since obtaining a pre-seed fundraising round the previous year. It now serves 100,000 customers, over 15 sports with over 10,000 products, and has formed strategic collaborations with over 70 different local and international businesses.
“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,” said Mohamed Afifi, the startup’s co-founder and co-CEO.
Ali Mokhtar, Beltone Venture Capital’s CEO, said he was “excited” to support WayUp Sports and its leadership team in achieving their vision and leading 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,” Mokhtar said.
With the funding, the business plans to develop a private WayUp Sports brand, support regional expansion, and keep improving user experience.
Read more on Tech Gist Africa:
Akhdar, an Egypt-based edtech startup, has received six-figure US Dollars in funding
MNT-Halan, an Egyptian fintech company, secures $130 million in funding for securitization
Almouneer, an Egyptian healthtech company, has raised $3.6 million in a seed round
Comments 1