WEE, a Dubai-based e-commerce platform, has been boosted with a $10 million infusion from SIG INVESTMENT enabling it to strengthen its presence in the region.
In a statement, the firm said it plans to use the funding to further advance the fashion category including innovation in key areas.
“The investment is set to enhance WEE’s standing in the e-commerce 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,” Anastasia Kim, CEO and co-founder of WEE, said.
The latest investment takes WEE’s valuation to $40 million. Operating with an exclusive network of trusted partners, the platform has promised delivery in Dubai within the hour, extending it to next-day delivery for the rest of the emirates. With the latest investment, WEE has successfully concluded a pre-Series A round of investments, further strengthened by an additional $2 million from existing shareholders.
A key part of the company’s expansion plans is the development of an ecosystem around its super app to integrate shopping, taxi services and payments, among other services. Meanwhile, it is also actively exploring the possibility of an IPO in the MENA region.
“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,” Sami M. Al Mohammad, Group CEO of SIG INVESTMENTS, said.
