MANAMA: Dividend Gate Capital (DGC), a Bahrain-based private equity firm, has made capital investment in Dubai-based e-commerce platform Sprii.com.
Sprii is an online marketplace which connects mums to their favourite global brands. The business has raised an additional $8.5 million in funding.
The company’s latest funding round follows its successful launch in Saudi Arabia earlier this year, with the latest injection of funds earmarked to support further expansion into Kuwait, Oman and Bahrain.
To date, Sprii has raised over $13m of investment.
DGC’s investment will help Sprii.com to secure operational efficiencies and increase the platform’s online presence and market share across the GCC.
Expert hires within the fields of big data and analytics, combined with a renewed focus on strategic business development, are expected as a result of this latest funding round.
DGC chief executive Khalid Al Hammadi said, “Entering the e-commerce space was a strategic step in the right direction given that we are currently witnessing a major global shift, most recently in the region, moving away from traditional retail outlets and more towards e-commerce.
“Our mantra is to focus on people first at DGC. We believe in investing alongside capable, intelligent, driven entrepreneurs with a hunger for growth and success; Sprii’s founder and management fit our criteria perfectly and are perfectly positioned to accommodate the complete shift in consumer purchasing behaviour towards online shopping,” he added.
The technology platform is currently delivering 20 per cent month-on-month growth. Sales in 2019 are on track to be triple those of 2018.
“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.”
Starting with two employees operating around a kitchen table, the company now operates a multimillion-dollar business with a team of 100 plus people.
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