Dubai-based e-commerce site Namshi.com said on Monday it has received an investment from Summit Partners, a US-based growth equity firm.
The investment, the value of which is undisclosed, comes on the heels of a previous $20m investment in Namshi by JP Morgan Asset Management and Blakeney Management.
Namshi, which sells shoes and clothing in the Middle East, was launched in December 2011 by co-founders Muhammed Mekki, Louis Lebbos, Hosam Arab, and Faraz Khalid.
Namshi.com features more than 550 international brands and offers more than 12,000 products shipped free-of-charge from its Dubai-based distribution centre.
“The e-commerce opportunity is very exciting and this is why we see more international funds looking into this market and exploring opportunities,” said Khalid, Namshi’s co-founder and managing director.
“Summit’s vote of confidence in the market and in Namshi in particular conveys that the market offers great opportunities and that Namshi has demonstrated its ability to capitalize on them,” added Hosam Arab, Namshi’s Co-founder and managing director.
Namshi recently announced expansion of its operations across the Gulf as well as investments in growing its product portfolio.
Having increased from a three-person operation to more than 140 people within the span of one year, Namshi said it will continue to expand and focus on growing the regional e-commerce opportunity.
Founded in 1984, Summit Partners has invested in more than 350 businesses across North America, Europe and Asia, and has raised nearly $15bn since inception.
Scott Collins, managing director and head of the Summit Partners London office, said: "We are pleased to invest in Namshi and support the company’s continued momentum."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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