Beltone’s VC arm leads seed round for WayUp Sports: Sports apparel e-commerce platform WayUp Sports has closed a seed round led by Beltone Venture Capital, Index Sports Fund — a private equity fund focused on the sports sector in MENA — and a number of angel investors, the company said in a statement (pdf). Neither the company nor the investors would specify the size of the round.

WayUp: Founded in 2021 by siblings Omar (LinkedIn), Mohamed (LinkedIn), and Basma Afifi (LinkedIn), WayUp Sports offers sportswear and equipment from both local and international brands. The company currently serves over 100k customers and has partnered with more than 70 brands. The company’s sales have grown nine times since it closed its pre-seed round in 2022.

Where the money’s going: The investment will help the company expand across the region, launch its own brand, and upgrade its website and application to enhance user experience. “We are exploring Arab countries and we are aiming to tap our first market in 2024 … and launch the brand in 2Q 2024,” co-founder and co-CEO Mohamed Afifi told Enterprise.

There’s more where that came from:The company intends to raise more funds in 1Q 2024, Afifi told us, without disclosing how much the company is targeting.

The sportswear market is on its way up, too: The MENA region’s sports apparel market is forecasted to grow to USD 23 bn by 2029 from USD 15 bn in 2021, according to the statement.

Tags: