The United Arab Emirates (UAE)-based ResTech startup Supy has raised $8 million in seed funding.
The round was led by BECO Capital, with the participation of existing investors including Valia Ventures and Cotu Ventures. New investors who joined the round also included Global Ventures, AMK Investment Office and others.
Supy said it plans to invest the funding in its tech and launch its payment solution to help suppliers reconcile invoices while enabling restaurants to better manage their cashflow.
Supy provides software for the hospitality sector that helps businesses optimize their ordering and supply-chain processes. The software incorporates tools for invoice, cashflow and procurement management, as well as point-of-sale and enterprise resource planning integrations.
Founded in February 2021, Supy has grown from focusing on single restaurants to being able to serve more complex operations and larger restaurant chains in UAE and Saudi Arabia.
So far this year, Supy processed over 250,000 orders from restaurants and suppliers, and opened shop in five new cities. The application is now available to hospitality businesses in all major cities in the Kingdom of Saudi Arabia (KSA), Supy said in a press release emailed to PYMNTS.
“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,” Dani El-Zein, co-founder and CEO of Supy, said.
The latest announcement comes amid an ongoing digital transformation of supply chains in the UAE.
Read more: B2B Online Marketplace SAFQAT to Open in UAE
Last month, PYMNTS reported that the online B2B marketplace SAFQAT was opening in the country with the intention of digitizing and streamlining trade between suppliers and buyers.