- Amount raised: $8.5M
- Industry: E-commerce
- Founder: Sarah Jones
E-commerce platform Sprii.com has raised a further $8.5 million in funding, as it accelerates its expansion across the Middle East and invests in new technology and recruitment to further enhance their customers’ experience.
Sprii is an online marketplace which connects mums to global brands. The fund raising follows the company’s successful debut into Saudi Arabia earlier this year, with the latest injection of funds earmarked to support further expansion into Kuwait, Oman and Bahrain. The technology platform is currently delivering 20% month-on-month growth, earning them a reputation as one of the most dominant forces within the regional e-commerce mum and baby market. Sales in 2019 are on track to be triple those of 2018.
To date, Sprii has raised over $13m of investment, which has enabled them to recruit tech and marketing talent to fuel this regional expansion. Expert hires within the fields of big data and analytics, combined with a renewed focus on strategic business development, are expected as a result of this latest funding round.
"The first six months of 2019 have exceeded our expectations. We have launched a new app, opened our operations in Saudi and have now finalised our funding round early, which will allow us to continue to deliver on our promise to our loyal customers." said Sprii’s Founder, Sarah Jones.
The round closed with support from previous investors, and attracted a range of new strategic players with interests across the retail, logistics and finance spaces, all with a goal of improving efficiency and helping the tech-driven company establish a foothold in other key regional markets.