The new funds allow the Saudi startup to scale its innovative TNBL service.
Saudi’s online fashion & lifestyle platform, Nejree, has announced the successful closing of a $15 million Series A round led by Saudi-based venture capital Impact46’s growth fund. It takes Nejree’s total financing to $19 million after the Riyadh-headquartered startup raised $4 million in a Pre-Series A round in December 2019.
Nejree’s mission to enhance users’ shopping experience has been central since the company’s inception in 2018. The e-commerce startup's latest product release, ‘Nejree Closet’, demonstrates its dedication to integrating technologies to penetrate untapped opportunities within user experiences, as well as the application of their Try-Now Buy-Later (TNBL) model.
Nejree Closet is a service by the company that allows consumers to try on products before purchasing them with no upfront payment, ultimately closing a critical gap and frequent source of shopper-frustration within the online shopping experience.
Founder & CEO Ibrahim Almogren said “we have released five different versions of app updates in less than 60 days to deliver ‘Nejree Closet’ experience at scale.”
He explained that “a whole ecosystem is very critical for the success of this service, we are investing tremendously in the whole in-house supply chain and infrastructure from logistics, operations, real-time updates & automation.”
Continuously developing its technology, Nejree has been on a steady growth path and the new funds will be key to future operational expansion into the e-commerce industry across the region and further refining Nejree Closet. It also allows the startup to introduce new categories and brands, as well as establish itself across new markets.