Teeela, an innovative and rapidly-scaling gifting platform and app has raised $3.75 million in a pre-Series A. The round was led by Saudi Arabian investment firm Wealth Well and supported by strategic investment from Mad’a Investment Company, Al-Akeel family and other prominent investors.
The funding will fuel the growth of Teeela across the GCC, with imminent strategic expansion in the Kingdom of Saudi Arabia and the United Arab Emirates. This will strengthen Teeela’s regional presence beyond its Kuwait headquarters as it targets the Middle East’s $30 billion gifting market, including family products, children’s goods and toys.
Abdulwahab Al-Khulaifi, co-founder and CEO of Teeela said, “We are proud to receive the backing of such well-respected investors who believe in our vision to be the number one choice for family gifting experiences. There is a huge opportunity to serve the gifting market with an exceptional range of products and personalized gift-wrapping options, providing customers with unmatched speed and convenience. This funding will underpin our regional expansion, support product development and strengthen our ability to attract top regional talent to be part of our journey.”
Wealth Well CEO Aqeel Alrajhi said, “Teeela’s team is committed to delivering a unique customer experience, ranging from the app journey to various new and innovative products. Teeela is well-positioned to take advantage of the rapidly changing e-commerce market and expanding its presence across the GCC and the broader MENA region.”
Abdullah Abdulaziz Al-Othaim, CEO of Mad’a Investment Company added, “Teeela has carved a strong ecommerce niche in Kuwait which, through the right strategic partnerships and investment, can proliferate across the Middle East. The business is ideally suited to meet the high online retail expectations of GCC consumers.”
Teeela provides a large selection of thousands of toys, with customised and personalized gifting options including bespoke wrapping and last-minute ordering. With super-fast, same-day delivery and an average time from order to handover of just four hours, Teeela provides a uniquely fast and seamless experience. The business has grown rapidly from its founding team to more than 60 colleagues in just four years.
The app has proven to be very popular and successful amongst customers, with conversion rates between four to five times higher than average ecommerce marketplaces and high customer retention. Teeela is also growing its team and bringing in key regional talent as part of a recruitment phase in the second half of 2022.
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