“We Received Funded!” Kuwait-Based mostly Teeela Raises US$3.75 Million In Pre-Collection A Spherical To Enhance Growth In KSA And UAE


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Teeela, a Kuwait-based gifting and toy platform and app, has raised US$3.75 million in a pre-Collection A spherical. The spherical was led by Saudi Arabian funding agency Wealth Nicely and supported by strategic funding from Mad’a Funding Firm, Al-Akeel household, and different buyers.



Teeela

Abdulwahab Al-Khulaifi, co-founder and CEO, Teeela

Launched in 2018 by Abdulwahab Al-Khulaifi, Ibrahim Al-Khulaifi, and Yahya Al Refaei, Teeela began as a web based gifting platform that constructed its consumer base by guaranteeing same-day supply providers, and a mean turnaround from order to handover of 4 hours. At present, Teeela additionally gives its customers custom-made and personalised gifting choices, enhancing the toy-buying expertise by together with bespoke wrapping and last-minute ordering. In only a few years, the app has obtained regular traction and excessive buyer retention, with conversion charges mentioned to be “between 4 to 5 instances greater than common e-commerce marketplaces.” In response to Al-Khulaifi, Teela has grown its buyer base by 20% month-on-month in Kuwait, whereas reaching a wholesome retention cohort.

The platform is thus desirous to capitalize on the Center East’s toy and gifting business (estimated to be about $30 billion, as per the startup’s assertion), with co-founder and CEO Al-Khulaifi stating how the workforce is eager to additional push their imaginative and prescient of being the “primary selection for household gifting experiences” going ahead. “There’s a big alternative to serve the gifting market with an distinctive vary of merchandise and personalised gift-wrapping choices, offering clients with unmatched pace and comfort,” he says. “This funding will underpin our regional growth, help product improvement, and strengthen our skill to entice high regional expertise to be a part of our journey.”

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Supply: Teeela

Teeela’s buyers additionally commend the platform’s ingenuity. “Teeela’s workforce is dedicated to delivering a novel buyer expertise, starting from the app journey to numerous new and progressive merchandise,” says Aqeel Alrajhi, CEO, Wealth Nicely. “Teeela is well-positioned to make the most of the quickly altering e-commerce market and increasing its presence throughout the GCC and the broader MENA area.”

In the meantime, Abdullah Abdulaziz Al-Othaim, CEO of Mad’a Funding Firm, provides, “Teeela has carved a sturdy e-commerce area of interest in Kuwait which, via the suitable strategic partnerships and funding, can proliferate throughout the Center East. The enterprise is ideally suited to satisfy the excessive on-line retail expectations of GCC shoppers.”

With the brand new funds, the workforce plans to increase its operations throughout the throughout the GCC, largely notably in KSA and the UAE. The funding will even be used for product improvement, in addition to to herald key regional expertise as a part of its recruitment part in 2022. Up subsequent, Al-Khulaifi notes that the workforce plans to supply new providers to advance Teeela’s gifting expertise mannequin. “Our intention is to be a holistic gifting platform for all of the household, pushed by a community of strategic partnerships throughout the business.”

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