E-commerce platform Sprii.com has raised a further $8.5 million in funding, as it accelerates its expansion across the Middle East and invests in new technology and recruitment.
Dubai-based Sprii is an online marketplace which connects mums to their favourite global brands.
The fundraising, which follows the company’s debut in Saudi Arabia earlier this year, will be earmarked to support further expansion into Kuwait, Oman and Bahrain.
The technology platform said it is currently delivering 20 percent month-on-month growth, and sales in 2019 are on track to be triple those of 2018.
To date, Sprii has raised over $13 million of investment.
“The first six months of 2019 have exceeded our expectations,” said Sprii founder, Sarah Jones. “We have launched a new app, opened our operations in Saudi and have now finalised our funding round early, which will allow us to continue to deliver on our promise to our loyal customers.”
The fundraising round closed with support from previous investors, and attracted a range of new strategic players with interests across the retail, logistics and finance spaces, she added.
Jones said: “Our scalable business model is made possible by our investment early on in the right technological infrastructure, and this has proved crucial in helping us expand so quickly. We’ve been able to effectively enter each new market with relative ease, which has then enabled us to respond to customers’ needs in real time with local experts on the ground and a first-class team in-house, managing daily operations.”
Starting with two employees operating around a kitchen table, the company now operates a multi-million dollar business with a team of more than 100.For all the latest retail 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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