2be.lu Investments, a Luxembourgish early-stage venture capital fund, has become a cornerstone investor in the latest funding round of Sprii, an e-commerce startup for mothers in the Middle East.
Sprii raised $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. For its part, 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 a strong presence in the Middle East region.
Sprii is an online marketplace which connects mothers 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 mother and baby market.
Alexander Tkachenko, founder and Managing Partner of 2be.lu, commented: “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”. He added: “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 allowed an agility to move and scale at an incredibly fast pace. In addition, Sprii does not manage inventories directly, instead the site connects directly to partner inventories and provides customer support, including same-day deliveries and a 14-day return policy.
To date, Sprii has raised over $13m of investment, which has enabled them to recruit some of 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.