Egypt’s SideUp raises $1.2m to fuel growth

Egypt-based technology start-up SideUp for ecommerce services has announced on Monday the compilation of a $1.2 million seed round that will help the company expand its operations into Saudi Arabia.

Various investors have participated in this round, including Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund, and Saudi angel investor Faisal Al Abdulsalam, the company said last Monday.

SideUp aims to enter new markets including the launch of Saudi Arabia’s office, said its founder Waleed Rashed.

Rashed further added that with the new funding the start-up company is in well-positioned to transform the e-commerce industry across the Middle East and Africa.

SideUp said it would use the new capital to double down on its presence in Egypt, launch operations in Saudi Arabia and further develop a new range of solutions for customers over the next 12 months.