By Sam Bridge
Nejree says new capital will further fuel the start-up's expansion into new markets and invest in technologies
Saudi-based Nejree, the online sneaker retailer, announced on Wednesday it has raised $4 million in Pre-Series A funding led by AlKhaila Investment Co and Teejan Technologies Co.
The new capital will further fuel the start-up’s expansion into new markets and invest in technologies to enhance online customer experience, it said in a statement.
The funding will also assist to increase inventory, product line, the capacity of warehouses, vehicle fleet, and build a solid operational system, it added.
Nejree said it further intends to start a new round of funding to raise at least $13 million.
The company said it has sold more than 100,000 sneakers this year and achieved a 90 percent delivery rate within 24 hours through its own fleet in Riyadh.
Nejree is the first online specialised sneaker destination in the region and offers a wide range of products including Adidas, Nike, Puma, Asics, Reebok, Fila, Fendi, D&G, Gucci, and Balenciaga.
“Nejree is extremely proud to have obtained the support of exceptional investors in this round of financing. Support from such strong investors indicates the tremendous level of confidence in our brand, mission and growth strategy,” said Ibrahim Al Mogren, founder and CEO of Nejree.
Faisal Saleh Al Rajhi, CEO of AlKhaila Investment Company, said: “In an impressive, short time-frame, Nejree has established itself as a premier online sneakers destination in Saudi Arabia and one of the visionary companies in the e-commerce and retail space. We like to back strong founders with exceptional technical capabilities, who are building truly differentiated products.”
Nejree said it has recently signed a five-year lease for its new headquarters in Riyadh to cater to the growing number of employees.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.