Saudi Arabia’s Nejree Raises $ 15 Million Series A For Its Try Before You Buy Fashion Ecommerce Platform
OhSaudi-based fashion ecommerce platform Nejree has raised $ 15 million in a Series A led by Impact’s growth fund46, it said in a statement today. 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 out 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, Rebook, Converse and many more.
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 try and choose the products they want to purchase.
It addresses most of the customer concerns associated with online shopping for clothing and footwear; including the size problems and the quality of the appearance of the 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 had seen more than 50% growth in average order value. and the conversation rate during this period. .
Ibrahim Al Mogren, Founder and CEO of Nejree, explained in a statement, âWe have released five different versions of app updates in less than 60 days to deliver a large-scale Nejree Closet experience. 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 argued that it would take a lot of money and awareness for the concept to be adopted en masse, but eventually the entire 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. âWe are extremely pleased to have gained the trust and support of Impact46, a leading VC in the region, who will bring more expertise and value,â the CEO noted in a statement.
Abdulrahman Almodaimigh, Managing Partner at Impact46, said: âNejree is tackling a big challenge in e-commerce, solving customer problems with the online ordering experience through Nejree Closet’s TNBL. 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. “