$6.5 M working capital credit secured by Egyptian restaurant tech startup OneOrder
OneOrder, an online one-stop shop in Egypt that distributes food to hotels, restaurants, and cafés, has gotten a working capital loan from Contact Factoring, a division of Contact Financial Holding, a major non-banking financial services provider, for EGP125 million (US $6.5 million).
OneOrder was created to address the three primary supply chain concerns facing Egypt’s restaurant industry: affordability, quality, and timing. Its inventor, prominent Egyptian restaurateur Tamer Amer, is the brainchild behind two of Egypt’s most popular restaurant franchises, Fuego Sushi and Longhorn Texas BBQ.
Egyptian eateries may get all of their supplies from a single application thanks to the startup’s platform. Similar inefficiencies in the restaurant supply chain exist in other MENA nations, and OneOrder hopes to eventually broaden its geographic scope throughout the region.
In February, OneOrder announced its start and the successful completion of a US $1 million financing. As of right now, it has obtained a working capital facility from Contact.
“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,” Amer said.
“In OneOrder, we are well aware of the gaps in the HORECA supply chain, not only in Egypt but across the MENA region. We look forward to filling this gap and expanding our solutions and geographic reach through this partnership, allowing us to realize our vision towards creating a powerful digital environment that encourages restaurant owners to procure online, which is currently the biggest challenge we face.”
The agreement is one in a string of alliances that Contact is eager to seal as part of its development strategy, which intends to offer a broad array of integrated financial solutions.
“Today we sign a significant agreement that supports OneOrder, enabling them to reach their goal of supporting restaurants in overcoming supply chain and purchasing obstacles. We build our partnerships on businesses that share our vision of providing high-quality services with cost consciousness. Additionally, this is an important step in serving digital platforms and a testament to the company’s efforts towards empowering the entrepreneurship and tech-based startup ecosystem in Egypt,” said Said Zatar, CEO of Contact Financial Holding.
