Cairo – Mubasher: WayUp Sports, an e-commerce platform specialised in performance-based sports gear in Egypt, has secured a seed round led by Beltone Venture Capital (VC).

Index Sports Fund and other strategic angel investors participated in the fundraising transaction, according to a press release.

Wayup Sports will use the investment to back its regional expansion plans, launch the WayUp Sports private brand, and enhance the user experience over the application and website.

The platform offers performance-based sportswear and equipment for diverse sports fields. It also enables customers to access end-to-end product warehousing, quality checks, and the sales and delivery processes.

Mohamed Afifi, Co-Founder and Co-CEO of WayUp Sports, commented: "This Seed round is a significant milestone for WayUp Sports, that will support the growth of the company to meet the rising demand and potential in the local and regional market."

The CEO of Beltone Venture Capital, Ali Mokhtar, added: "With its ambitious expansion plans set in place, WayUp Sports company is well positioned to become the leading platform in the region."

In 2021, the sports apparel market in the MENA region was valued at $15 billion and it is expected to reach $23 billion by 2029 at a compound annual growth rate (CAGR) of 4.8% during the forecast period.