Dubai - United Arab Emirates: 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 their favourite 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 the best 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,” said Sprii Founder, Sarah Jones. “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.”
Considered the “online shopping hub of choice for mums”, the closure of this Series A investment caps off an impressive few months for the e-commerce platform. 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.
Sprii’s inventory-free model has always been an attractive plus point for the business, as it has allowed an agility to move and scale at an incredibly fast pace. Sprii doesn’t manage inventories directly, instead the site connects directly to partner inventory and provides impeccable customer support, including same-day deliveries and a 14-day return policy, which has proved a winning formula for both customers and investors alike.
Sarah Jones, continued: “Our scalable business model is made possible by our investment early on in the right technological infrastructure, and this has proved crucial in helping us expand so quickly. We’ve been able to effectively enter each new market with relative ease, which has then enabled us to respond to customers’ needs in real time with local experts on the ground and a first-class team in-house, managing daily operations.”
It’s this tech-driven mentality that has helped shape Sprii’s success, with a strong focus from day one on customer service and convenience. The company is well known for its disruptive take on ‘tech-commerce’, operating with exclusive and international brands to provide a competitive product offering and price point to the Middle Eastern mums market.
Starting with two employees operating around a kitchen table, the company is proud to now operate a multi-million dollar business with a team of 100+, and an established strong regional presence. As the company looks to expand further, having the right people and technology in place will become even more important, particularly as it looks to develop its offering to connect ‘mums on the move’, with even more choice and exclusive offers tailored specifically to them.
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