Egyptian startup Weelo has raised a six-figure US dollar seed funding round to accelerate its plans to digitally transform sales and distribution automation in the supply chain for micro, small, and medium enterprises (MSMEs) across verticals in the MENA region.
Founded in 2018, Weelo offers affordable SaaS-based tech solutions for MSMEs, managing the entire sales cycle from warehouse to cash collection through AI-powered analytics and real-time management system.
The company has raised a six-figure round led by SkaleUp Ventures and Integral Capital, and also including AUC Angels and with global investors from Hong Kong to Italy. The funding will be used to help Weelo expand across the MENA region, with initial targets being other North African nations as well as Saudi Arabia and Jordan.
“B2B SaaS solutions will continue to grow as businesses move from on-premise technology to cloud technology. Real-time management solutions for sales and distribution platforms will lead to opportunities within the supply chain,” said Mohamed Asfour, founder and chief executive officer (CEO) of Weelo.
Asfour developed the idea for Weelo with co-founder Sophia Korayim while working with major retailer chains in Egypt’s B2C supermarket e-commerce space to find an optimum solution to manage their thousands of B2B suppliers.
“Sales and distribution automation is a major problem for suppliers in the MENA region, the associated high cost, number of people, multiple systems required, and its maintenance make it very costly and complex for suppliers to manage their sales and distribution networks,” said Korayim.
Salma El-Hariry, founder and CEO at SkaleUp Ventures, said Weelo was at the forefront of the digital transformation needed to create efficiency, speed, and transparency in emerging opportunity markets like the Middle East and Africa.
“With a user friendly revolutionary product, a strong founding team and innovative business model, it just made sense they will dominate the market easily and we wanted to share in building that success,” she said.