Wayup, a leading online sports equipment retailer in Egypt, has secured seed funding to fuel its growth in the region, launch its brand, and enhance the user experience on its website and app. The funding round, the amount of which remains undisclosed, was spearheaded by Index Sports Fund, Beltone Venture Capital, along with several notable angel investors.
Established in 2021, WayUp Sports has quickly become a prominent name in the customized sports equipment industry. After a successful pre-seed funding round last year, the company has grown rapidly, growing ninefold. It proudly serves a customer base 100,000 across more than 15 sports, offering an extensive range of over 10,000 products. Moreover, WayUp Sports has forged over 70 partnerships with local and international companies.
The recent seed funding round marks a pivotal point for WayUp Sports. It underscores the company’s potential and growing demand in local and regional markets. Mohamed Afifi, the startup’s co-founder and co-CEO, expressed excitement about the backing from leading investors. He believes their support and confidence will play a critical role in enhancing WayUp Sports’ offerings and propelling the business to new heights.
Ali Mokhtar, the CEO of Beltone Venture Capital, expressed his enthusiasm for backing WayUp Sports and its executive team in their quest to dominate the sports retail industry in Egypt and across the MENA region.
Mokhtar highlighted that WayUp is seen as the most promising enterprise with substantial operational achievements and considerable growth since its founding, operating in a fast-evolving market. With bold expansion strategies in place, he noted that WayUp Sports is poised to emerge as the premier platform in the area.
The investment will be channeled towards establishing a unique WayUp Sports brand, fostering growth across the region, and continuously enhancing the customer experience.