Nejree, a Riyadh-based ecommerce platform that sells sneakers, has raised $4 million in a Pre-Series A round, the startup announced in a statement to MENAbytes. The investment came from Saudi-based AlKhaila Investment Co. and Teejan Technologies Co.
Founded last year by Ibrahim Al Mogren, Nejree sells a wide range of sneakers (yes, sneakers only) on its web and mobile-based ecommerce platform. Nejree’s catalog include sneakers from Adidas, Nike, Puma, Asics, Reebok, Fila, Fendi, D&G, Gucci, and some other luxury sneakers brands.
The startup that claims to be the first platform of the region that specializes in sneakers offers free delivery across Saudi Arabia and has a record of delivering 90 percent of its orders in Riyadh within 24 hours, thanks to its own fleet in the city.
Nejree claims to have sold over 100,000 pairs of sneakers in 2019 and credits this brilliant performance to its unique product offering, high social media engagement, and repeat customer base.
Nejree’s founder and CEO Ibrahim Al Mogren, speaking to MENAbytes said that they’re set to expand to all the countries in GCC with a focus on the United Arab Emirates & Kuwait by early next year.
In a statement, commenting on the investment, Ibrahim, said, “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.”
The startup plans to use the investment to fuel its expansion and further improve its technology to enhance the customer experience. A part of the investment will also be spent to increase company’s inventory, product line, warehouses capacity, and fleet.
Nejree also plans to launch a new round of funding soon to raise at least $13 million to increase its geographic footprint and product lines, its co-founder and CEO Ibrahim said in a statement.
Faisal Saleh Al Rajhi, CEO of AlKhaila Investment Company, said, “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.”
Niche ecommerce in the region has been on the rise lately with many startups operating in the space raising large investments in 2019.