Saudi-based, Nejree, an eCommerce platform, announced that it secured USD 15 Million in a Series A, on 11th July 2021. This funding round was led by USD Impact46’s growth fund.
After this round, the total financing of the startup is valued at USD 19 Million. In 2019, Nejree raised USD 4 Million in a Pre-Series A in December 2019.
The latest funding will be utilized in the growth of Nejree Closet. The funds raised will also be used to launch new brands and categories. “We are extremely happy to have obtained the trust & support from Impact46, a leading VC in the region, which will bring more expertise & value,” stated the CEO of Nejree.
Words from the investors –
On this latest investment, Abdulrahman Almodaimigh, a Managing Partner at Impact46, stated, “Nejree is tackling a great challenge in the eCommerce space, addressing customer pain points with the ordering online experience through Nejree Closet’s TNBL. With the right framework, innovative technology, and the team behind Nejree, the platform is set to play a driving role in growing the market.”
About Nejree –
This Riyadh headquartered eCommerce platform, Nejree, was initiated by Ibrahiim AI Mogren, in 2018. This online started with dealing only for sneakers, but now it has started dealing in apparel too. Nejree is a mobile and web-based eCommerce platform featuring products from women, kids and men, from leading global brands, which includes Nike, Puma, Under Armour, Adidas, Converse, Rebook and many more.
Currently, Nejree Closet, let the customers buy products after trying them at their homes. This service provided by them is called try-now-buy-later (TNBL), which lets the customers buy products with ease. The platform lets customers add products in the cart and get delivery of them, try and then buy.
The startup claims that it is the first platform to introduce this kind of service on a large scale. Since its new offering has been launched, a total of 100,000 products are shipped for try-on by the startup and have grown by 50% during this span of time.
Ibrahim Al Mogren, the founder and CEO of Nejree explained in a statement, “We have released five different versions of app updates in less than 60 days to deliver the Nejree Closet experience at scale. A whole ecosystem is very critical for the success of this service, we are investing tremendously in the whole in-house supply chain and infrastructure from logistics, operations, real-time updates & automation. He also argued that it would take a lot of money and awareness for the concept to get to mass adoption but eventually, the whole industry will move towards the TNBL model.”
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