Egypt’s WayUp Sports closes seed round to scale marketplace
WayUp Sports, an e-commerce platform specializing in performance-based sports gear in Egypt, has secured a seed round of funding led by Beltone Venture Capital, Index Sports Fund, and additional support from strategic angel investors. This investment will be dedicated to advancing WayUp Sports across three key areas: regional expansion, the launch of the WayUp Sports private brand, and the improvement of the user experience on the application and website.
The startup offers performance-based sportswear and equipment for a variety of sports, directly sourced from both local and international brands. The platform caters to a broad spectrum of athletes, from young enthusiasts to professional champions.
Furthermore, it provides customers with a seamless experience by overseeing the entire product journey, including warehousing, quality checks, sales, and delivery processes. Moreover, the platform invests in training customer service personnel to assist and guide sports enthusiasts throughout their journey.
Key Takeaways
In 2021, the sports apparel market in the MENA (Middle East and North Africa) region reached a valuation of $15 billion. With the growing interest in healthier lifestyles, increased focus on sports, and the popularity of athleisure, the market is projected to expand further, reaching $23 billion by 2029. This represents a compound annual growth rate (CAGR) of 4.8% during the forecast period. The surge in demand for sportswear is notably propelled by online channels, contributing significantly to market growth and providing consumers with access to the latest products. WayUp Sports, founded by Omar, Mohamed, and Basma Afifi, leverages 35 years of combined expertise in the B2B sports gear market. Launched in 2021, the platform aims to address the increasing demand for specialized and performance-based sportswear and equipment. In 2022, WayUp Sports successfully raised a pre-seed round, experiencing remarkable growth since then. The platform has expanded ninefold, reportedly establishing strategic partnerships with over 70 diverse local and international brands, offering products for 15+ sports, and providing a diverse range of 10,000+ products.
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