Nejree, the Saudi-based online fashion & lifestyle destination has successfully closed a $15 million Series A round led by Impact46 growth fund.
Founded in 2018, The Startup set forth on a mission to transform the online customer journey and elevate users’ shopping experience. The e-commerce startup integrates technology to crack untapped opportunities in the user experience, most remarkable of which is their adoption of the Try Now Buy Later model with their latest product release “Nejree Closet”.
Nejree tapped into the TNBL model as the first mover in adopting the solution in the region. “Nejree Closet” allows consumers to try on products before purchasing them with no upfront payment. This closes a critical gap in the virtual showroom experience, allowing shoppers to experience size-fitness, quality, look and feel of the items. In the backend, Nejree adopted a holistic approach to its operations as founder & CEO Ibrahim Almogren explains “We have released five different versions of app updates in less than 60 days to deliver “Nejree Closet” experience at scale. 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.”
The e-commerce startup has been on a steady growth, continuously developing its technology, platform, and features with the end-user in mind. “Each day at Nejree, embracing our vision, we strive to enhance & innovate, by delivering the most convenient, reliable and unique experience, using big data, AI and innovative tech solutions”, Ibrahim Al Mogren said in a statement. As E-commerce and Fintech startups in Emerging Venture Markets slowly introduce innovative models including Buy Now Pay Later solutions, Al Mogren projects that the whole industry will inevitably adopt the TNBL model marking this a bold move into the future.
This newly acquired fund will be impactful to the startup’s operations and the E-commerce industry in the region. Investing in this vision, Impact46’s Abdulrahman Almodaimeegh adds “Nejree is tackling a great opportunity in the e-commerce space… With the right framework, innovative technology, and the team behind Nejree, the platform is set to play a driving role in growing the market.”
Through this investment, Nejree plans to scale its operation and further develop “Nejree Closet”, growing into more categories and brand offerings, and accessing new markets.
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