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Things are looking good for Rocket Internet companies. Namshi, a Middle East-based online fashion store from the German Incubator, has secured funding to the tune of US$13-million from growth equity firm Summit Partners.
The online store, which launched in 2012, follows the same template as most of the company’s fashion outlets, including South Africa’s Zando and Zalando in Germany. The Middle East iteration is touted as the “fastest-growing” online store for fashion and lifestyle and serves customers in six countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.
According to Namshi it offers more than 550 footwear and fashion brands including international brands, like Nike, Lacoste, Polo Ralph Lauren and Puma. With free delivery in Gulf Coast Countries and a 14-day return policy, Namshi provides a convenient and easy way to order online.
This is Summit Partners’ second round of investment in Namshi, something the company regards as an affirmation of “investor confidence in the online retailer”. Prior to this funding, Namshi secured investments from Investment AB Kinnevik, JP Morgan Chase, Blakeney Management as well as Holtzbrink Ventures and others.
“We see our partners’ growing support as an encouragement for us to continue serving our customers with world-class products and services,” says Hosam Arab, co-founder and Managing Director of Namshi. “Our customers made the company what it is today. Therefore, they will be the ones to see the main benefits coming from this investment. We will further focus on providing a shopping experience like no other in the region.”
“Namshi and its management team have done an exceptional job of growing the company, and we are happy to support the company’s continued expansion,” said Scott Collins, a Managing Director and head of the Summit Partners London office.
This new round of funding will support Namshi’s efforts to scale the business and strengthen its Middle Eastern base.
“The investment will also be used to make a warehouse move, from shared space with Aramex to Namshi’s centralised distribution centre with state-of-the-art facilities,” says the company.