The Capital Quest | OneOrder, Synatic, Uncover and SIDEUP raise early-stage capital

On Dec 5, 2022

OneOrder, an Egyptian B2B marketplace that connects restaurants to suppliers, has secured $3 million in a seed round led by Nclude with participation of existing investor A15.

Delivery Hero Ventures, a fund backed by global food delivery giant Delivery Hero, also pitched in.

Since its launch early last year, the company has raised a total of $10.5 million in funding, including an initial $1 million pre-seed investment led by A15, and $6.5 million in working capital financing from multiple local financial institutions.

Founded by Tamer Amer and Karim Maurice, OneOrder seeks to enable restaurants to source food and their daily procurement needs directly from local suppliers. It plans to use the money to bolster its operations by growing its warehouse footprint as also its proprietary technology.

In Egypt alone, OneOrder says it has a total addressable market of 400,000 restaurants who on aggregate spend $40 billion annually. Lack of vertically integrated supply chains sees these restaurants spend between 6-7% of their revenues to ensure supply chain stability.

Synatic

Five-year-old South African data automation startup Synatic has secured an additional $2.5 million as a seed extension round from Allan Gray E-Squared Ventures and UW Ventures with participation from Adansonia PE Opportunities VCC and the Endeavor Harvest Fund.

Led by Martin Naude, Synatic has developed a low-code data automation platform that had previously raised some capital almost two years ago. The venture is looking to snag Series A funding next year.

Uncover

Kenya-based beauty and skincare products company Uncover has raised $1 million in seed funding from FirstCheck Africa, Samata Capital, Future Africa and IgniteXL besides angel investors.

The over two-year-old venture, which is set to enter Nigeria as a market, had previously raised around $225,000. Cofounded by Sneha Mehta (CEO), Jade Oyateru (COO) and Catherine Lee (advisor), Uncover was incubated at Antler.

SIDEUP

Egyptian logistics platform SIDEUP (formerly VOO), has raised a $1.2 million seed round from Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund and Saudi angel investor Faisal AlAbdulsalam.

Launched three years ago by Waleed Rashed, SIDEUP provides e-commerce business owners with payment gateways, API integration for shipping, warehousing, and fulfillment through one platform, to simplify operations and enhance customer experience.

SIDEUP will utilise its investment to double down on its presence in Egypt and expand into Saudi Arabia, relocating its headquarters to Riyadh. It claims that it serves over 2,000 e-commerce businesses, has a cash flow-positive business and is in the annualised revenue run rate of around $6 million, growing 30% month on month.