Kuwait-based gifting e-commerce platform and toy shop Teeela is set to expand in the Middle East region to tap into the $30 billion gifting market, following a Pre-Series A funding round that raised $3.75 million.
The funding was led by Saudi Arabian investment firm Wealth Well and participated by Mad'a Investment Company, Al-Akeel family and other investors.
The capital will be used to fuel the growth of the company across the GCC, particularly in Saudi Arabia and the UAE, according to a statement.
"This will strengthen Teeela's regional presence beyond its Kuwait headquarters as it targets the Middle East's $30 billion gifting market, including family products, children's goods and toys," the company said.
Teeela's platform provides a large selection of thousands of toys and offers customers customised and personalised gifting options, including wrapping and last-minute ordering.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)