Saudi Arabia's online sneaker retailer, Najree, has raised $4 million in Pre-Series A funding, led by the kingdom's AlKhaila Investment Co and Teejan Technologies Co.
The funding is expected to boost the start-up’s expansion into new markets and investment in new technologies to enhance online customer experience. The funding will also help in increasing inventory, warehouse capacity, vehicle fleet, the start-up said in a statement.
Founded in 2018 by Ibrahim Al Mogren, Nejree sells sneakers from popular brands such as Adidas, Nike, Puma, Fendi, D&G and Gucci on its mobile and web-based platforms.
Nejree is set to expand to all the countries in GCC with a focus on the United Arab Emirates & Kuwait by early next year, MENA bytes reported citing Al Mogren.
It also plans to start a new round of funding to raise at least $13 million.
“Amid its strategic expansion plans, Nejree further intends to start a new round of funding to raise at least $13 million from prospective investors and key industry players to increase the brand's geographic footprint, product lines, and develop new collaborations,” Ibrahim Al Mogren, founder and CEO of Nejree said.
The online sneaker destination 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.
(Writing by Seban Scaria; editing by Mily Chakrabarty)
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