Namshi Receives US$13M Funding from Summit Partners
Rocket Internet’sNamshi, the Middle East’s leading online store for fashion and lifestyle, has secured funding through its German holding company of US$13 million by the growth equity firm Summit Partners to sustain its accelerated growth target.
This is the second investment by Summit Partners in Namshi, further affirming the investors’ confidence in the online retailer after months of steady growth in the region. 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.
The capital infusion from Summit Partners will support Namshi’s efforts to scale up operations and gain a stronger foothold in the Middle East. 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.