UAE-based Business-to-business (B2B) food marketplace Supy has raised $8 million in a Seed round in order to boost its technology capabilities and expand into new markets including Saudi Arabia.
The latest funding round was led by BECO Capital with participation from Valia Ventures and COTU Ventures, Global Ventures, and AMK Investment Office.
According to the statement, “The startup aims to use the capital to invest in further bolstering its tech, strengthening its product offering, scaling out its Saudi Arabia presence, and launching its settlement and payment solution to help suppliers reconcile invoices while allowing restaurants to better manage their payables and cash flow.”
Supy, which was co-founded in February 2021 by Mr. Dani El-Zein and Mr. Ibrahim Bou Ncoula, works on digitizing the communication process between restaurants and suppliers.
Their software is available on the web as well as 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.
Mr. Dani El-Zein, Co-Founder and CEO of Supy said that, “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.”
“Saudi Arabia 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,” Mr. El-Zein further added.
