Egyptian Startup WayUp Sports Hits Milestone with Seed Funding
WayUp Sports, the first ecommerce platform specialised in performance based sports gear in Egypt, has secured seed round led by Beltone Venture Capital, Index Sports Fund, and other strategic angel investors.
This investment will focus on scaling Wayup Sports through three main pillars: regional expansion, launching the WayUp Sports private brand, and enhancing the user experience over the application and website.
WayUp Sports offers performance based sportswear and equipment for diverse sports fields, sourced directly from local and international brands, suitable for young aspiring athletes to professional champions.
The platform gives customers access to a flexible journey, by managing the end-to-end product warehousing, quality check, the sales and delivery processes, in addition to training customer service personnel, to assist sports enthusiasts.
In 2021, the sports apparel market in the MENA region was valued at USD 15 billion, and with the increasing interest in healthier lifestyles and sports, and prevalence of athleisure, the market is expected to reach USD 23 billion by 2029, at a CAGR of 4.8% during the forecast period.
This phenomenon strengthens the demand for sportswear, with online channels driving significant growth and giving consumers access to the latest products in the market.
Mohamed Afifi Co-founder and Co-CEO of WayUp Sports commented: "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."
Ali Mokhtar, Beltone Venture Capital’s CEO added: "We are excited to support WayUp Sports and its leadership team to achieve their vision and lead 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".
Backed by 35 years of combined expertise in the B2B sports gear market, from the founders Omar, Mohamed and Basma Afifi, WayUp Sports launched in 2021 aiming to meet the demand for diverse specialised and performance based sportswear and equipment.
In 2022 WayUp Sports raised a pre-seed round, and since then the business has grown nine times, securing strategic partnerships with 70+ diverse local and international brands, serving 15+ sports, offering 10,000+ products, and serving 100k+ customers.
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