Egypt’s WayUp Sports, an e-commerce platform specialised in performance-based sports gear, has secured a seed round of funding to help it expand regionally, launching a private brand, and enhance user experience over its application and website.
Founded in 2021, WayUp Sports aims to meet the demand for diverse specialised and performance-based sportswear and equipment. Since raising a pre-seed funding round last year, the business has grown nine-fold, securing strategic partnerships with more than 70 diverse local and international brands, serving more than 15 sports with over 10,000 products, and serving 100,000 customers.
The startup’s undisclosed seed round was led by Beltone Venture Capital, Index Sports Fund, and other strategic angel investors. WayUp Sports will use the funding to aid its regional expansion, launch a private WayUp Sports brand, and continue enhancing user experience.
“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,” he said.
