Nejree, Transforming Saudi’s e-Commerce Industry through “Try Now Buy Later” secured $15 Million Series A round led by Impact46
Nejree, the Saudi online fashion & lifestyle destination that has recently launched “Nejree Closet”, a Try Now Buy Later “TNBL” innovative model, has raised $15 Million (56 Million SAR) in a Series A round led by Impact46 growth fund.
Nejree, the Riyadh-based e-Commerce Startup, was established in 2018 with the vision to transform the online customer journey and to bring innovative, convenient, and disruptive experiences into the digital fashion & lifestyle space. “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”, Founder & CEO Ibrahim Al Mogren said in a statement.
“Nejree closet”, the latest product of that vision, is a disruptive solution introduced in the platform adopting a Try Now Buy Later “TNBL” concept. Nejree is now enabling consumers to try on products for free with no upfront payment before deciding to buy it. The solution is tackling a key challenge within online shopping, the missing out of try-on or testing out the product before making the purchase. The solution, as described by the Company, targets the fit-size issues, feel-look-quality of the products, and introduces a fun shopping experience at home. Nejree aims to bring the experience of trying before buying into the online world.
“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.” stated Ibrahim Almogren. “While there is still huge investments & awareness for mass adoption to take place, we believe the whole industry will inevitably move into the TNBL model”, Al Mogren explained.
Nejree tapped into the TNBL model and positioned the platform to be the first mover and leader in adopting the solution in the region. With less than 3 months of launching Nejree Closet, the platform has shipped out over 100,000 products from Sneakers & Apparels for try-ons alone. With the offering of Nejree Closet service, the platform has seen a growth of more than 50% in average order values and conversion rates.
Commenting on the recent closed round, Ibrahim Al Mogren stated “The new funds will certainly further fuel our latest initiatives, specifically “Nejree Closet”, and will enable our growth plans into more categories, more brandofferings, and new markets which will assist us to achieve our next milestones. We are extremely happy to have obtained the trust & support from Impact46, a leading VC in the region, which will bring more expertise & value”.
“Nejree is tackling a great challenge in the ecommerce space, addressing customer pain points with the ordering online experience through Nejree closet “TNBL”. With the right framework, innovative technology and the team behind Nejree, the platform is set to play a driving role in growing the market.” Added Abdulrahman Almodaimeegh from Impact46.