Press Release.
Supy, a UAE-based startup that streamlines transactions between restaurants and suppliers, has announced a raise of $8 million in Seed funding.
The round was led by BECO Capital with significant participation from existing investors including Valia Ventures and Cotu Ventures. New investors who joined the round also included Global Ventures, AMK Investment Office, and a number of other strategic investors.
Having experienced 10x YoY growth in monthly orders and GMV, the company plans to invest in further bolstering its tech, strengthening its product offering, scaling out it’s KSA presence, and launching its bespoke settlement and payment solution to help suppliers seamlessly reconcile invoices while allowing restaurants to better manage their payables and cashflow.
Supy, with its efficient software, available on web and mobile, has helped restaurants improve profit margins by empowering them with insights on their purchasing trends at an ingredient level and supplier level. 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 UAE and KSA markets.
In the first half of 2022, Supy has processed over 250,000 orders from restaurants to suppliers and launched in 5 new cities, including all major cities in KSA. 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 KSA 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.”