▸ The company has sold over 100,000 sneakers in 2019 and planning to expand into new markets including UAE
▸ The company is planning to raise another round of at least $13 million to go global
Saudi-based premier online sneaker shoe brand Nejree has today made the announcement of its $4 million funding raised in a Pre-Series A round led by Riyadh-based AlKhaila Investment Co and Teejan Technologies Co.
With fresh funds, the company is planning to expand into various new markets, primarily UAE, expand the inventory, warehouses, augment operations and enhance customer experience. The company has also signed a 5-year lease for its new headquarters in Riyadh.
Nejree is the first online marketplace for specialized sneakers in the region and has sold over 100,000 sneakers across the region in 2019 and achieved 90 percent delivery rate within 24 hours through its own fleet in Riyadh. The unique product offering ranges from Adidas, Nike, Puma, Asics, Reebok, Fila, Fendi, D&G, Gucci and Balenciaga and with many other luxury brands.
Statements enclosing the funding round
As reported by The National, the founder & CEO of Nejree, Ibrahim Al Mogren said…
“Currently, we are delivering in all parts of Saudi Arabia and our next aim is to expand in the UAE and Kuwait markets … followed by the remaining countries in the Gulf region,”
“Our region is home to a huge young population that is technology-savvy. Customers prefer buying online and this is the right time for Nejree to expand,”
Faisal Al Rajhi, the chief executive of AlKhaila Investment said…
“In a 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,”
Apart from this, Al Mogren also shared his further plans to raise another round of investment of at least $13 million from key industry players and prospective investors to expand its geographic footprint and collaborations.
ⓘ Image source: The National