Egypt’s OneOrder Secures $6.5M Funding from Contact Factoring
OneOrder, an Egyptian restaurant tech startup that provides logistical services to restaurants via software and artificial intelligence, has secured a $6.5 million (EGP 125M) working capital facility from Contact Factoring, a subsidiary of Contact Financial Holding, a non-banking financial services company, to help it achieve its goal of assisting restaurants in overcoming supply chain and purchasing obstacles.
This takes the total funds raised by the online one-stop shop for hotels, restaurants, and cafes to $7.5 million since it was founded by Tamer Amern in2021. In February, OneOrder raised $1 million in A15, the leading MENA venture capital firm-led seed round to solve supply chain challenges in the Egyptian food & beverage industry.
The agreement is part of a series of collaborations that Contact is eager to complete as part of its expansion strategy, which aims to provide a wide range of integrated financial solutions.
Contact and OneOrder Team
Commenting on the investment, Tamer Amer, founder, and CEO of OneOrder said, “We are glad to cooperate with Contact, a leading name in Egypt’s financing sector with more than 20 years of experience. This cooperation will undoubtedly enable us to deliver high-quality products and help finance our customers’ working capital to overcome their supply chain issues.”
Contact’s CEO, for his part, stated that the company’s vision is to serve various sectors and reflect the role of the company’s investment strategy and factoring services. “Today, we sign a significant agreement that will help OneOrder achieve its goal of assisting restaurants in overcoming supply chain and purchasing challenges. We base our partnerships on companies that share our vision of providing high-quality services at a low cost. Furthermore, this is a significant step in serving digital platforms and a testament to the company’s efforts to empower Egypt’s entrepreneurship and tech-based startup ecosystem,” Contact Financial Holding CEO Said Zatar said.
The deal will aim to create a digital environment that will assist restaurant owners in online procurement. “At OneOrder, we are well aware of the gaps in the HORECA supply chain, not only in Egypt but across the MENA region,” Amer concluded. We look forward to filling this gap and expanding our solutions and geographic reach through this partnership, which will allow us to realize our vision of creating a powerful digital environment that encourages restaurant owners to procure online, which is currently our biggest challenge.”