OneOrder secures $6.5m working capital facility
- by Nairainvest N,
- Tue, August 16th, 2022
- in Fin-Tech News
A working capital facility worth EGP125 million (US$6.5 million) has been agreed to by Egypt's OneOrder, an online one-stop shop that supplies food to hotels, restaurants, and cafes. Contact Factoring is a division of Contact Financial Holding, a major non-banking financial services provider.
OneOrder was created by prominent Egyptian restaurateur Tamer Amer, who also founded two of Egypt's most popular restaurant chains: Fuego Sushi and Longhorn Texas BBQ. The company aims to address the three main supply chain problems facing the country's restaurant sector: pricing, quality, and timing.
The startup's technology enables Egyptian restaurants to purchase all of their requirements through a single app. Other MENA nations also suffer from inefficient restaurant supply chains, and OneOrder hopes to eventually broaden its geographic scope throughout the region.