Egypt’s OneOrder, an online one-stop shop that provides food supplies to hotels, restaurants and cafes, has secured a EGP125 million (US$6.5 million) working capital facility from Contact Factoring, a subsidiary of Contact Financial Holding, a leading non-banking financial services company.
Founded by leading Egyptian restaurateur Tamer Amer – the founder of Fuego Sushi and Longhorn Texas BBQ, two of Egypt’s most successful restaurant chains – OneOrder aims to tackle Egypt’s restaurant industry’s main supply chain issues – pricing, quality and timing.
The startup’s platform allows Egyptian restaurants to buy all their needs from one application. There are similar restaurant supply chain inefficiencies in other countries in MENA and OneOrder aspires to, over time, expand its proposition geographically across the region.
OneOrder announced its launch and the successful completion of a US$1 million fundraise back in February, and it has now secured a working capital facility from Contact.
“We are glad to cooperate with Contact, a leading name in Egypt’s financing sector with more than 20 years of experience. This cooperation will undoubtedly enable us to deliver high-quality products and help finance our customers’ working capital to overcome their supply chain issues,” Amer said.
“In OneOrder, we are well aware of the gaps in the HORECA supply chain, not only in Egypt but across the MENA region. We look forward to filling this gap and expanding our solutions and geographic reach through this partnership, allowing us to realize our vision towards creating a powerful digital environment that encourages restaurant owners to procure online, which is currently the biggest challenge we face.”
The deal is part of a series of partnerships that Contact is keen to complete within the framework of its expansion plan, which aims to provide a wide range of integrated financial solutions.
“Today we sign a significant agreement that supports OneOrder, enabling them to reach their goal of supporting restaurants in overcoming supply chain and purchasing obstacles. We build our partnerships on businesses that share our vision of providing high-quality services with cost consciousness. Additionally, this is an important step in serving digital platforms and a testament to the company’s efforts towards empowering the entrepreneurship and tech-based startup ecosystem in Egypt,” said Said Zatar, CEO of Contact Financial Holding.