Shoe E-Commerce Company Namshi Raises $13 Million
Namshi is a Dubai-based shoe and fashion e-commerce company that has raised $13 million from Summit Partners. Namshi spun out of the Rocket Internet startup incubator founded by the Samwer brothers in Germany. Summit previously invested $1 million in Namshi this past January. Including the $20 million investment form JP Morgan and Blakeney Management in September 2012, Namshi has raised a total of about $34 million. Namshi launched in 2012 and they sell products in UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. They are often compared to Zappos.
Namshi sells around 550 brands total including Nike, Lacoste, Puma, Ralph Lauren, Calvin Klein, Vero Moda, etc. Namshi plans to use the funding to sustain their accelerated growth target. The company will also improve their fulfillment operations and move stock to a new centralized warehouse and distribution center. They currently share a space with Aramex.
“We see our partners’ growing support as an encouragement for us to continue serving our customers with world-class products and services,” stated Namshi co-founder and Managing Director Hosam Arab. “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.”