Namshi raises $13m in new funding
Regional fashion and lifestyle e-tailer secures investment from Summit Partners
Online fashion and lifestyle store Namshi has secured $13m in funding through growth equity firm Summit Partners.
The investment will go towards scaling up operations, the company said, and to move warehouses from its current shared space with Aramex to Namshi's centralised distribution centre with state-of-the-art facilities.
The investment is the second by Summit Partners in Namshi, which has also raised funding from Investment AB Kinnevik, JP Morgan Chase, Blakeney Management and Holtzbrink Ventures.
"We see our partners' growing support as an encouragement for us to continue serving our customers with world-class products and services," said Hosam Arab, co-founder and managing director of Namshi. "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."
"Namshi and its management team have done an exceptional job of growing the company, and we are happy to support the company's continued expansion," said Scott Collins, a managing director and head of the Summit Partners London office.