The ecommerce platform is the second from the UAE to feel the full force of the pandemic.
Despite the continued talk around the increased importance of ecommerce in a post-Corona world, one of UAE’s largest ecommerce sites has been placed under liquidation. A specialist in baby and parenting products, Dubai-based platform, Sprii, has essentially run out of cash.
In a message to stakeholders, Sprii founder and CEO Sarah Jones said, “As a result of our inability to raise further capital to support the ongoing trading of Sprii, coupled with the conclusion of an unsuccessful campaign to sell the business, I have been forced to take significant steps that will impact the future of the business.”
“This is an incredibly sad day for all stakeholders in Sprii,” she added. “If a sale of the business is not possible, I will be working hard to rehouse all of our team.I appreciate that many of you will feel pain here too, and I will work tirelessly with the Liquidator to ensure the best result is achieved for all creditors.”
Sprii has raised almost $15 million dollars since its inception, making it the second-best funded baby product e-commerce startup in the region. They secured a $8.5 million Series A funding as recently as June, 2019, but in recent months have not been able to pay their vendors.
Sprii isn’t the first ecommerce platform in the UAE to suffer at the hands of COVID-19, with Awok.com having announced its closure in September due to financial struggles.
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