Nejree, an online premier sneaker destination, raised $4 million in Pre-Series A funding, led by AlKhaila Investment Co and Teejan Technologies Co, it said in a statement on Wednesday.
The new capital will fuel the Saudi-based startup’s expansion into new markets and invest in technologies to enhance online customer experience. It will also assist in increasing inventory, product line, capacity of warehouses, and vehicle fleet, as well as building a solid operational system.
The startup sold more than 100,000 sneakers in 2019, and achieved 90% delivery rate within 24 hours through its own fleet in Riyadh.
“Support from such strong investors indicates the tremendous level of confidence in our brand, mission and growth strategy,” said Ibrahim Al Mogren, founder and CEO of Nejree.
He added that the company intends to raise additional $13 million to increase the brand's geographic footprint, product lines, and develop new collaborations.
Faisal Saleh Al Rajhi, CEO of AlKhaila Investment Company said in turn that the company seeks to back strong founders with technical capabilities to develop differentiated products.
Nejree recently signed a 5-year lease for its new headquarters in Riyadh to improve performance and enhance the level of customer experience.
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