Namshi Raises $13M to Expand E-Commerce in Middle East
Rocket Internet can’t stop churning out e-commerce startups in emerging markets. The Berlin-based incubator program announced that Namshi, its Middle Eastern online fashion retailer, has raised $13 million led by Summit Partners to sustain growth.
Namshi features clothing, accessories, and footwear for women, men, and kids from over 550 international and local brands. Like Zappos, the sites offers free shipping and a flexible return policy. The site serves the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain.
According to a statement issued on May 13, Namshi has experienced significant growth in the region and this financing will ramp up operations and support the move to a new, state-of-the-art warehouse and distribution center.
The Internet and e-commerce are exploding in emerging markets around the world. Rocket Internet capitalizes on this momentum by incubating and accelerating clone companies based on popular models, like Amazon, Zappos, and Groupon. Its portfolio includes Asian e-commerce portal Lazada, African online retailers Zando and Jumia, Europe-focused Zalando, and Brazil’s Dafiti.
Summit Partners is an active investor in these of companies and participated in the financing of Lazada, Zando, Jumia, and Dafiti as well as Colombian seller of consumer electronics Linio. Before this round, Namshi raised money from Investment AB Kinnevik, JP Morgan Chase, Blakeney Managament, and Holtzbrink Ventures. JP Morgan also likes startups like these and is an investor in Lazada, Dafiti and Zalando.
These deep pockets combined with Rocket Internet’s vision are a major force bringing e-commerce to the whole world. Next up, perhaps, is an e-commerce portal for Antarctica featuring the latest in extreme cold weather fashion.