WEE Marketplace Secures USD 10 Million Investment From Dubai-Based Firm - Middle East News 247
July 18, 2024
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WEE Marketplace Secures USD 10 Million Investment From Dubai-Based Firm

WEE, the pioneering marketplace known for its fast product delivery across the UAE, announces a significant milestone: a USD 10 million infusion (comprising Equity & Credit Facilities) from SIG INVESTMENT, underscoring the confidence in WEE’s vision and capabilities. This latest investment propels WEE’s valuation to an impressive $40 million.

Setting itself apart in the bustling UAE online marketplace, WEE has garnered acclaim for its unrivalled delivery services, reminiscent of the acclaimed American Target Plus model. Operating with an exclusive network of trusted partners, WEE empowers consumers in Dubai with the convenience of ordering goods, promising delivery within the hour, extending to next-day delivery for the rest of the emirates.

Under the adept leadership of Anastasia Kim, CEO and co-founder, along with the visionary guidance of co-founders Oleg Dashkevich and Sergey Kolikov, WEE Marketplace is poised for even greater heights.

“The investment is set to enhance WEE’s standing in the eCommerce sector within the UAE, enabling us to upgrade our logistics capabilities, expedite widespread growth, and fortify our team. Our primary focus will revolve around advancing the fashion category with innovation in the UAE service of partial purchase and fitting as well as highlighting live streamings. We will also introduce new services to the super app ecosystem,” said Anastasia Kim, CEO and cofounder of WEE.

With the infusion of $10 million from SIG INVESTMENT, WEE successfully concluded a pre-A round of investments, further fortified by an additional $2 million from existing shareholders. These investments underscore the immense potential of WEE, which, in just two years, has captivated audiences in the UAE and forged strategic alliances with local industry leaders.

Having previously secured $6.5 million for expansion in the UAE, WEE remains steadfast in its mission to attract further investments to scale operations within the UAE and extend its footprint into the GCC region.

Embracing a forward-thinking approach, WEE is poised to develop an expansive ecosystem around its super app, seamlessly integrating shopping, taxi services, payments, and more. Furthermore, WEE is actively exploring the possibility of an IPO in the MENA region, signalling its commitment to long-term sustainability and growth.

“WEE has entered the UAE market recently, but has already been able to win over the audience and offer a unique fast delivery service in the selected time slots. The company understands e-commerce trends and therefore knows what partners need now and how the customer experience will evolve,” added Sami M. Al Mohammad, Group CEO of SIG INVESTMENTS.

With the UAE eCommerce market projected to surge to $20 billion by 2027, and express delivery accounting for a significant share, WEE is well-positioned to capitalise on this burgeoning market. Leading categories such as cosmetics, pharmaceuticals, flowers, and food products are slated to drive substantial growth, further solidifying WEE’s pivotal role in shaping the future of eCommerce in the region.

Last Updated on 3 months by Middle East News 247

    Middle East News 247

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