Nejree Raises $ 15 Million Series A For “Try Now, Buy Later” Fashion Ecommerce Platform

0


Saudi fashion e-commerce platform Nejree has raised $ 15 million in a Series A funding round led by Impact’s growth fund46, it said in a statement. The round brings Nejree’s total funding to over $ 19 million. The Riyadh-based startup raised $ 4 million in a pre-series A round in December 2019.

Founded in 2018 by Ibrahim Al Mogren, Nejree started as an online sneaker retailer, but now also sells clothing. The web and mobile platform offers products for men, women and children from top international brands including Adidas, Nike, Lacoste, Puma, Under Armor, Reebok, Converse and others.

Its latest offering, Nejree Closet, allows customers to try products at home before purchasing them. The service, called ‘try now, buy later’ (TNBL) by the Saudi platform, is available free to customers and aims to make the buying decision easier. Customers can add products on Nejree to their trial cart and have them delivered to their doorstep, so they can spend time with the products and choose the items they want to purchase.

It addresses the concerns of many customers when shopping for clothes and shoes online, including sizing issues and uncertainty about the feel, appearance and quality of products. He basically took the best things from the offline shopping experience and incorporated them into his online offering.

Nejree claims that this is the first online platform to have introduced such an option on a large scale. Since launching the new offering three months ago, Nejree Closet has shipped 100,000 products to try, the startup said in a statement, adding that it has seen more than 50% growth in average order value and of the conversion rate during this period. .

Ibrahim Al Mogren, Founder and CEO of Nejree, said in a statement, “We have released five app updates in less than 60 days to bring the Nejree Closet experience to scale. A whole ecosystem is very critical to the success of this service, we invest heavily in the entire supply chain and internal infrastructure of logistics, operations, real-time updates and automating. He also said that it would take a lot of money and awareness for the concept to be adopted en masse, but eventually the whole industry will move towards the TNBL model.

The remaining funds will be used to fuel the growth of Nejree Closet. The startup will also use the investment to introduce new categories and brands and launch new markets. “We are delighted to have gained the trust and support of Impact46, a leading VC in the region, who will bring more expertise and value,” said the CEO in a statement.

Abdulrahman Almodaimigh, Managing Partner at Impact46, said: “Nejree is tackling a big challenge in e-commerce, solving customer problems with the online ordering experience through Nejree Closet’s TNBL model. With the right framework, innovative technology and the team behind Nejree, the platform is set to play a leading role in the growth of the market. “

Read This: Sportswear Startup Quanliang Quansu Raises $ 100 Million To Become The Next Shein

This article was originally published on MENBytes.


Share.

Leave A Reply