Kuwait-based Nalbes App/Site, a local online fashion-centric e-tailer based app/web, announced today that it has secured USD 2 million in their Series B funding round.
Kuwaiti-based e-commerce fashion platform Nalbes has raised its 2nd round of funding in order to further expand in regional areas such as The Gulf and MENA.
The platform, founded in January 2017 by serial entrepreneur Abdulaziz alanzi and Bader Alanzi, is dedicated to online shoppers seeking GCC fashion designer’s styles and local private labels as well as international fashion brands, and aims at making GCC fashion designers and private labels more accessible regionally and later worldwide. Nalbes has a clear focus on fashion categories and styles that attracts local customers such as modest, hijab friendly wear, and localization of new fashion trends for women and men segments in their 20’s & 30’s with more than 20,000 styles.
Its USD 2 million funding round was led by a group of existing and new investors including major family groups from Kuwait. Investors participating in the round are veterans from the investment and banking industry. Abdulaziz explained that the new shareholders completely understood the changing dynamics of retail industry and agreed that the shifting currents demanded investment in technology and E-business. He added that the funds would be utilized to scale up the business and allow easier maneuverability in running a business in a highly evolving and progressing industry.
Nalbes is also in talks with couple additional investors who are keen to join in by Q4 this year.
Its most important market today is The Gulf countries.