Nejree, the startup that aspires to establish itself as the largest online sneaker destination in the Gulf region, is having a blast of a Pre-Series A round.
The company announced earlier this week that so far it has scored $4 million in the round, the bulk of which came from AlKhalia Investment Co. and Teejan Technologies Co.
Nejree also stated that the proceeds from the round will be spent on making inroads into new markets and on R&D. Additionally, a part of it will also be utilized to increase the capacity of its warehouses and vehicle fleet, enhance inventory, and enact a more polished operational ecosystem.
This new development is yet another major milestone for the company in 2019, the previous being the impressive feat of selling more than 100,000 sneakers. Of note here is that Nejree prides itself on the ability to achieve a 90% deliver rate within 24 hours — courtesy, the company’s homegrown fleet in Riyadh.
“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,” Ibrahim Al Mogren, founder, and CEO of Nejree, said on a proud note.
Nejree is the first sneakers-specific online destination in the Middle East and the company has already established strong ties with several premium brands. Products listed by the platform include the bests of popular brands such as Adidas, Nike, Gucci, Reebok, Fila, Puma, and Fendi, just to name a few.