UAE B2B food marketplace, Supy, has raised $8 million in a Seed round led by BECO Capital with significant participation from existing investors including Valia Ventures and COTU Ventures, a press release shared by MAGNiTT revealed. The round was also joined by new investors including Global Ventures, AMK Investment Office, and a number of other strategic investors.
Co-founded in February 2021 by CEO Dani El-Zein, and CTO Ibrahim Bou Ncoula, Supy is digitizing the communication process between restaurants and suppliers. Supy’s software, available on web and mobile, helps restaurants improve profit margins by empowering them with insights on their purchasing trends at an ingredient level and supplier level.
Supy launched its Web Portal earlier this year, allowing larger groups and chains that have a more complex operation to streamline their procurement operation and avail inventory level integrations with their POS and ERP providers.
Dani El-Zein, Co-Founder and CEO of Supy, commented: “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.”
The company plans to invest in further bolstering its tech, strengthening its product offering, scaling out its 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 cash flow.
Abdulaziz Shikh Al Sagha from BECO Capital concluded: “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.”