The startup aims to use the investment to continue expanding through the GCC.
Saudi Arabian footwear marketplace, Nejree, an online premier sneaker destination in the GCC, announced today it has raised $4 million in Pre-Series A funding led by AlKhaila Investment Co, and Teejan Technologies Co. This new round of capital will further fuel the Saudi-based startup’s expansion into new markets, as well as enhancing online customer experience and company new technology initiatives. The fund will also assist to increase inventory, product line, the capacity of warehouses, vehicle fleet, and build a solid operational management system.
“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,” says Ibrahim Al Mogren, founder and CEO of Nejree.
The funding represents another major milestone for the company, following a highlight year in 2019, which included selling over 100,000 sneakers, driven by its unique product offerings, high social media engagement, and repeat customer base. The company achieved 90% delivery rate within 24 hours through its own fleet in Riyadh. Nejree offers a wide range of unique products including sneaker mainstays Adidas, Nike, Puma, Asics, Reebok, Fila, Fendi, D&G, Gucci, and Balenciaga among other luxury sneakers brands.
“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,” says Faisal Saleh AlRajhi, CEO of AlKhaila Investment Company.
Coming on the heels of two years of tremendous growth, Nejree recently signed a five-year lease for its new headquarters in Riyadh to improve performance and enhance the level of customer experience. This move is in line with its strategic objectives and expansion plans in the GCC as well as to cater to the growing number of Nejree employees in the Kingdom.
“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,” adds Al Mogren.
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