UAE-based ResTech start-up Supy raise $8 million in seed funding
Supy, a UAE-based ResTech start-up that streamlines transactions between restaurants and suppliers, has raised $8 million in seed funding. The Start-up raised $1.5 million in pre-seed funding in September last year.
Supy’s software is available on web and mobile and helps restaurants improve profit margins by providing them with insights on their purchasing trends at both an ingredient level and a supplier level.
The start-up aims to use the capital to invest in further bolstering its tech, strengthening its product offering, and launching its settlement and payment solution to help suppliers reconcile invoices while allowing restaurants to better manage their payables and cash flow.
The Middle East and North Africa’s (MENA) food and beverage industry suffers from significant inefficiencies across the ordering process given the many channels of communication including WhatsApp, voice messages, phone calls, and emails.
This fragmented and time-consuming approach leads to numerous problems for all stakeholders including unnecessary costs, wastage, suboptimal deliveries, wrong orders being placed, and so much more, according to a report published by Wamda.
According to other reports, BECO Capital led the round and other participants include existing investors such as Valia Ventures and Cotu Ventures. The new investors who joined the round also included Global Ventures, AMK Investment Office, and a number of other strategic investors.
Having experienced 10x Y-o-Y growth in monthly orders and GMV, the company plans to invest in further bolstering its tech, strengthening its product offering, scaling out it’s Saudi Arabia presence, and launching its bespoke settlement and payment solution to help suppliers seamlessly reconcile invoices while allowing restaurants to better manage their payables and cash flow, the reports said.
Earlier this year, Supy launched its Web Portal, allowing larger groups and chains who have a more complex operation to streamline their procurement operation and avail inventory level integrations with their POS and ERP providers. Supy was co-founded in February 2021 by its CEO Dani El-Zein, and CTO Ibrahim Bou Ncoula. In just over a year, the platform has witnessed rapid growth across the Saudi Arabia and the UAE markets.
Huge Orders in H1 of 2022
In H1 of 2022, Supy has processed over 250,000 orders from restaurants to suppliers and launched in 5 new cities, including all major cities in Saudi Arabia. Yazeed Bin Busayyis, ex-Chief of Staff at Nana, recently joined as Co-Founder and Managing Director to power the expansion and lead the fast scaling team across all Saudi cities.
Dani El-Zein, Co-Founder and CEO of Supy, said: “We are on a mission to become a global leader in this space, and our growth since our pre-seed funding round is a testament that we are on track with the right set of partners. KSA is the perfect location for our first international expansion outside the UAE and into the global market. Supy was created to solve a crucial problem for one of the most dynamic industries, and we can’t wait to expand our software offerings to our customer base.” Abdulaziz Shikh Al Sagha from BECO Capital said: “Having tracked this space, Supy has built a platform that is loved by its users which has allowed the company to leapfrog the market as a clear category leader. We are excited to partner with Dani and the team on his journey to re-inventing the procurement process for the F&B industry.”