5 September 2019
Sprii raised a $8.5 million in funding in the latest round as it accelerates its expansion across the Middle East and invests in new technology and recruitment to further enhance their customers’ experience.
2be.lu Investments has invested in all rounds starting from 2015. During these years Sprii showed excellent results and today Sprii is a multi-million dollar business with 100+ employees and strong presence in the Middle East region.
Sprii is an online marketplace which connects mums to their favourite global brands. The fundraising follows the company’s successful debut in 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.
“The success of Srii was assured by a combination of a viable business model and a great execution by a professional team led by Sprii’s founder Sarah Jones ”– said Alexander Tkachenko, Managing Partner of 2be.lu Venture Capital fund. “The new investment will give a boost to SPRII allowing both international expansion and growth of the customer base”
Sprii’s inventory-free model has always been positive 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.
“It’s a usual approach for 2be.lu to build a long term relationship with early stage startups and help them grow into market leaders. We are helping them not only with investment but also with business experience, legal, financial and operational support.” – said Alexander Tkachenko, founder and Managing Partner of 2be.lu.
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.
“Having a support of 2be.lu is very important for Sprii. The new investments will give us an opportunity to continue to deliver exceptional services for our customers, expand to new regions and scale the project” – said Sprii Founder, Sarah Jones.
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