The new capital will further fuel the Saudi-based startup’s expansion into new markets; invest in technologies to enhance online customer experience and company new technology initiatives. The fund will also assist to increase inventory, product line, the capacity of warehouses, vehicle fleet, and build a solid operational system.
The funding represents another major milestone for the company, following a banner year in 2019 that included selling more than 100,000 sneakers, driven by its unique product offerings, high social media engagement, and repeat customer base. The company achieved 90% delivery rate within 24 hours through its own fleet in Riyadh.
Nejree is the first online specialized sneaker destination in the region. Having strong brands relationships, Nejree offers a wide range of unique products including sneaker mainstays Adidas, Nike, Puma, Asics, Reebok, Fila, Fendi, D&G, Gucci, and Balenciaga among other luxury sneakers brands.
“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,” commented Ibrahim Al Mogren, founder and CEO of Nejree.
Commenting on the investment with Nejree, 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. We like to back strong founders with exceptional technical capabilities, who are building truly differentiated products.”
Coming on the heels of two years of tremendous growth, Nejree recently signed a 5-year lease for its new headquarters in Riyadh to improve performance and enhance the level of customer experience. This move is in line with its strategic objectives and expansion plans in the GCC as well as to cater to the growing number of Nejree employees in the Kingdom.
“Amid its strategic expansion plans, Nejree further intends to start a new round of funding to raise at least $13 million from prospective investors and key industry players to increase the brand’s geographic footprint, product lines, and develop new collaborations,” stated Al Mogren.