Rocket Internet’s Namshi raises $13Million

Namshi, a Rocket Internet’s company, recently raised a $13 million round to harness recent growth in its fashion e-commerce channels in the Middle East. The online portal based in Middle Eastern, has raised $13 million led by Summit Partners to sustain growth.

Founded in 2012, the company has leveraged substantial growth in the region, and this latest funding will serve to further accelerate that growth. The company plans to expand its operations and move stock to a more centrally located distribution center to more quickly serve customers.

“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, in a statement. “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.”

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.


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