WEE Marketplace, the pioneering marketplace known for its fast product delivery across the UAE, announced securing a $10 million funding from Dubai-based SIG Investment.
The fund infusion will be by way of equity and credit facilities, the company said in a media release.
The latest investment propels WEE’s valuation to $40 million, the company said.
WEE ‘actively exploring’ MENA IPO
In line with the acclaimed American Target Plus model, WEE operates with an exclusive network of trusted partners to offer delivery of goods within an hour in Dubai, and extending to next-day delivery for the rest of the emirates.
“The [fresh] investment is set to enhance WEE’s standing in the e-commerce sector within the UAE, enabling us to upgrade our logistics capabilities, expedite widespread growth, and fortify our team,” said Anastasia Kim, CEO and cofounder of WEE.
“Our primary focus will revolve around advancing the fashion category with innovation in the UAE service of partial purchase and fitting as well as highlighting live streamings. We will also introduce new services to the super app ecosystem, Kim said.
Sami M. Al Mohammad, Group CEO of SIG Investments, said though WEE entered the UAE market recently, it has already been able to win over the audience and offer a unique fast delivery service in the selected time slots.
“The company understands e-commerce trends and therefore knows what partners need now and how the customer experience will evolve,” headded.
WEE said with the infusion of $10 million from SIG Investments and an additional $2 million from existing shareholders, it has successfully concluded a pre-A round of investments.
Having previously secured $6.5 million for expansion in the UAE, WEE remains steadfast in its mission to attract further investments to scale operations within the UAE and extend its footprint into the GCC region, the company said.
Going forward, the company said it is poised to develop an expansive ecosystem around its super app, seamlessly integrating shopping, taxi services, payments, and more.
“Furthermore, WEE is actively exploring the possibility of an IPO in the MENA region, signaling its commitment to long-term sustainability and growth,” it said.
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